Melrose Industries PLC publishes the following trading update for the four months from 1 January 2019 to 30 April 2019, ahead of its Annual General Meeting taking place later today.
Current trading in Melrose is in line with the Board's expectations. Consistent with the recent commentary given at the year-end results announcement in March and the Capital Markets Event on 3 April this year, good progress is being made in delivering the operational improvements required in our businesses and specifically to achieve the GKN margin objectives disclosed at the Investor Event.
After serving as Chief Executive for nine years, from the flotation of Melrose in 2003 to 2012, and since then as Executive Vice Chairman, David Roper has decided to step down and to retire from the Group on 31 May 2020.
We will issue our interim results on 5 September 2019.
Justin Dowley, Chairman of Melrose, said:
“We have recently laid out our targets for GKN which are better than those we indicated only one year ago at the time of the acquisition, and which come on the back of a stronger performance than expected in the first year of ownership. We are delighted to keep investing in all our businesses, including Nortek and Brush, and look forward to another year of progress. The businesses we own have very valuable qualities and characteristics, and we look forward to maximising their potential.”