Melrose spin-off unit reports FY ahead of forecasts

Melrose Industries said its soon to be demerged automotive, powder metallurgy and hydrogen businesses reported better-than-expected profits and revenue last year.

Core earnings were expected to be £605m-615m, Melrose said on Thursday, due to a better operational performance, offsetting inflation headwinds over 2022 and achieving the planned benefits on restructuring projects.

The FTSE 100-listed company said it intended to seek shareholder approval at the end of March, and planned to complete the demerger shortly after.

Melrose added that its aerospace division performed in line with expectations, with strong momentum going into 2023.

Reporting by Frank Prenesti for Sharecast.com