This should be a great time for the top team at Melrose. Underperforming companies are their meat and drink — and with Ukraine and inflation there will be plenty of possible targets in their sights. While all around it equity values are falling, the balance sheet is cash-rich.
In 2021, statutory revenue fell £249 million to £6.88 billion and adjusted operating profit jumped from £141 million to £375 million. The two main divisions, automotive and aerospace, formerly part of GKN, were naturally impacted by the pandemic but began to pick up towards the end of the year.
Automotive revenue was down £52 million at £3.74 billion, Aerospace fell by £261 million to £2.54 billion, but operating profit for automotive jumped from £82 million to