Melrose Industries' aerospace unit delivers continued growth

Melrose Industries stated although like-for-like sales were up 6% in its aerospace unit, trading in its automotive and powder metallurgy wings remained constrained by supply, with combined like-for-like sales down 4%.

However, the FTSE 100-listed firm said it was "confident" that restructuring actions would ensure all of its businesses were "positioned to deliver their full potential" as soon supply constraints ease.

Melrose also highlighted that due to time lag effects, its full-year performance would be second-half weighted but added it was "confident" that the impact of inflationary headwinds would be offset by measures taken.

Chief executive Simon Peckham said: "Your group continues to make good progress whilst dealing with the broader world challenges. We are increasingly seeing growth return to our aerospace business, which is being rapidly well positioned for its future, and are confident of demonstrating the full quality of our largely restructured automotive businesses."

As of 0835 BST, Melrose shares were up 3.59% at 119.75p.