Melrose Industries lifted by Auto and Powders but expects chip shortage impact
Sales over the four months to 30 April 2021 rose by 8%
Company
Melrose Industries PLC
LON:MRO
Melrose Industries PLC is an aerospace manufacturing business, centred around GKN Aerospace. Formerly, it was a holding company run with the mantra of 'buy, improve, sell' model, looking for good manufacturing businesses with strong fundamentals whose performance can be improved. But once it spun off GKN Automotive as Dowlais Group PLC in 2023, the remaining business gave up its former investment strategy to refocus on the aerospace sector.
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Melrose Industries sells Nortek Air Management for £2.62bn
The engineering group bought Nortak in 2016 for £2.2bn ($2.8 billion).
Melrose posts loss and expects no aerospace recovery in 2021
Sales in the aerospace division fell by 27% in the year to end-December
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Analysts left red-faced as most popular FTSE 100 stocks suffer steep losses in 2020
New data has shown that total returns for the top 10 highest rated blue-chip stocks fell below the performance for the entire FTSE 100 in 2020, while those least favoured by analysts outperformed
Melrose expects aerospace division to break even after job cuts
The manufacturer is currently trading at the top end of the board's expectations for 2020
Melrose shares jump as it reports large loss and major job cuts
The company sees “some early signs of recovery in certain geographies”, although the aerospace business still faces much market uncertainty
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FTSE 100 slides lower as tech stock sell-off in US spooks traders
Britain's blue-chip benchmark closed the day down around 90 points, or 1.52%, at 5,850
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Will Melrose interims hold any surprises for investors?
Turnaround specialist Melrose is among the notable names in Thursday's diary.
Melrose arranges tweaks to financial covenants out to December 2022
The engineering group said the changes gave it "the flexibility it needs to continue to focus on cash generation and adapting the group to current market conditions"
Melrose Industries shares tumble as interim dividend cancelled after sales dive
A focus on cash generation and working capital meant the engineer is likely to make a "small adjusted operating profit"
Melrose Industries gains altitude as it expects to make big cash savings this quarter
Sales in the first four months of 2020 were down roughly 20% year-on-year as the coronavirus pandemic hit its business.
Melrose Industries very upbeat about GKN's prospects, even taking into account the coronavirus outbreak
The results for 2019 were comfortably ahead of the board's expectations for both profit and cash generation
RBC downgrades Melrose Industries but still sees value
The FTSE 100-listed group lost its place in the broker's Olympus because there is less potential upside after recent share gains
Melrose in a good place as GKN profits improve
GKN Aerospace revenues rose 5% and automotive sales fall 5% but profits improved at both
Hardware & electrical equipment
Melrose Industries says co-founder to quit; trading in line with expectations
Vice-chairman David Roper was boss of the group from float in 2003 until 2012
Investments and investor services
FTSE 100 closes in positive territory, boosted by better-than-expected US March jobs figures as Brexit uncertainty continues
Mid-cap cousin FTSE 250 was also lower, shedding around 56 points at 19,507
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Lloyds and other ex-dividends to knock 11 points off FTSE 100 on quiet Thursday in the City
Away from the ex-divs, Saga, Electrocomponents and EntertainmentOne are all due to come to the market with trading updates or results
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US jobs to provide main focus, though UK PMIs still key as Brexit SNAFU continues
Aside from the UK and US data - and Brexit - corporate news in the week ahead will include updates from blue-chip budget airline easyjet and Ladbrokes Coral owner GVC Holdings
Melrose Industries posts hefty loss after big hit on GKN contracts
The acquisition specialist acquired UK engineering stalwart GKN after a bitterly contested takeover battle
FTSE 100 closes lower after European Central Bank strikes downbeat note
"Brutal cuts from the ECB as GDP growth for 2019 is cut from 1.7% to 1.1%. With this in mind, it seems like any possible interest rate raises are all but completely ruled out until likely 2021," declared Jordan Hiscott, the chief trader at