Join our community of smart investors

Melrose suffers heavy losses amid pandemic disruption

The engineering conglomerate has been hit on multiple fronts by Covid-19
Melrose suffers heavy losses amid pandemic disruption

With the Covid-19 pandemic bringing international travel to a halt, the pressure felt by airlines has passed down through the supply chain, hitting the civil aerospace industry. As plane and engine makers cut production rates, Melrose’s (MRO) revenue from its aerospace business dropped by almost a fifth year-on-year in the six months to 30 June, to £1.6bn. The division’s adjusted operating profit nosedived by more than 70 per cent versus a year earlier, to £54m.

IC TIP: Hold at 111p

To continue reading...
Join our Community of Smart Investors
  • Independent full-length company analysis
  • Actionable investment ideas and recommendations
  • Expert investment tools and data
  • Stock screens from Algy Hall
Have an account? Sign in