https://www.melroseplc.net/media/announcements/2022/full-year-results-2021/ | BingShi

https://www.melroseplc.net/media/announcements/2022/full-year-results-2021/

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03 March 2022 07:00 Download the pdf

Full Year Results 2021

Melrose Industries PLC today announces its audited results for the year ended 31 December 2021.

Highlights

 

Adjusted1 results

Statutory results

2021

Actual

rates

2020

2021

Actual

rates

2020

Actual

rates

Constant currency1

Actual

rates

Continuing operations

£m

£m

£m

£m

£m

Revenue

7,496 

7,351 

7,723 

6,883 

7,132 

Operating profit/(loss)

375 

122 

141 

(451)

(487)

Profit/(loss) after tax

197 

(36)

(27)

(446)

(565)

Diluted earnings per share

4.1p 

(0.8)p

(0.6)p

(9.6)p

(11.7)p

Net debt1

950 

2,834 

2,847 

n/a 

n/a 

Leverage1

1.3x 

4.1x

4.1x

n/a 

n/a 

Group

  • The results are ahead of expectations with better cash generation and a bigger reduction in net debt1 and leverage1
  • At constant currency, despite global supply challenges, sales were up 2% year on year and, notably, Group adjusted1 operating profit tripled to £375 million, showing the substantial benefit of restructuring actions increasingly coming through
  • The Group statutory operating loss was £451 million; of the £826 million adjusting items, only £200 million were cash items, almost all relating to restructuring projects
  • All businesses returned to growth, with further benefits coming from restructuring actions. The Melrose businesses are actively working to mitigate the current inflationary pressures through all necessary means and remain fully committed to achieving their previously stated operating margin targets
  • Melrose generated free cash flow1 of £125 million in the year, prior to disposal proceeds, with net debt1 reduced to £0.95 billion and leverage1 to 1.3x adjusted1 All businesses continued to be cash positive, therefore fully funding all their improvement and restructuring costs, with their cash generation qualities transformed since acquisition
  • Working capital in the GKN businesses has reduced to 3% of sales from 5% at the GKN acquisition, with further opportunities existing to improve Aerospace inventory levels
  • Ahead of plan, the opening net debt1of £3.4 billion at the GKN acquisition has been fully repaid in less than four years, save cash returned to shareholders over the period, helping to protect shareholder value and de-risking the GKN transformation during some of the most challenging trading conditions
  • The GKN UK pension schemes are now in surplus helped by £1 in every £3 of free cash flow1 since acquisition being paid into the Group’s pension schemes, thereby freeing up more free cash flow1 in the future
  • Melrose has improved its ESG positioning and reporting in the year, including highlighting the substantial benefits delivered by its proprietary sustainable technology. A new stand-alone Melrose Sustainability Report will be published, for the first time, alongside the 2021 Annual Report
  • A final dividend of 1.0 pence per share is proposed, up by one third on last year, giving a full year dividend of 1.75 pence per share

Businesses

  • Aerospace has seen adjusted1 operating margins improve by c.4 percentage points and growth return with sales in the second half of 2021 up 18%2 on 2020. Under new leadership, it has materially advanced the restructuring of its cost base and operations, with all required significant restructuring projects now underway
  • The underlying qualities of the Aerospace businesses are being improved including the accelerated development of new sustainable technologies. The Group will also benefit from exceptionally strong long-term future cash flows in Engines.  An Aerospace Investor Day is to be held on 8 June 2022 to explain its exciting full shareholder value potential
  • Automotive ended the year positively with 2021 fourth quarter sales up 12% on the third quarter, being almost back to levels seen in the first half of the year. Sales in early 2022 have started similarly positively, consistent with the most recent industry data
  • Powder Metallurgy sales volume grew at more than double the rate of growth in car production in 2021 due to continued significant market share gains
  • In 2021, adjusted1 operating margins in both Automotive and Powder Metallurgy more than doubled despite the well-publicised supply challenges. During 2022, the full run rate benefits from the required restructuring projects in Automotive and Powder Metallurgy will materialise giving the opportunity to realise this shareholder value
  • Life of programme business wins of c.£5 billion in Automotive in 2021, of which more than one third are for pure electric vehicles (BEV), confirm that Automotive is both gaining market share and keeping pace with the faster than expected market conversion to electric vehicles. Importantly, these share gains are being achieved at terms consistent with its higher margin target
  • Ergotron is running efficiently, making 25% adjusted1 operating margins
  • The new Hydrogen technology business, which has been separated from Powder Metallurgy, has a dedicated new CEO and management team and is positioned to achieve its first sales this year

Justin Dowley, Chairman of Melrose Industries PLC, said:

“We have realised gains for shareholders by doubling the value of Nortek and significantly outperforming all Group cash generation targets, which has de-risked the route to value realisation from GKN.  We have transformed the GKN businesses to increase their full potential including investing in sustainable technology and properly funding their pension schemes.  With the benefits of significant restructuring increasingly coming through, combined with the strong cash generation, Melrose is positioned to create, and realise, significant value for shareholders.”

1. Described in the glossary to the Preliminary Announcement and considered by the Board to be a key measure of performance Described in the glossary to the Preliminary Announcement and are considered by the Board to be a key measure of performance
2. Based on existing businesses at 31 December 2021

Enquiries:

Montfort Communications: +44 (0) 20 3514 0897

Nick Miles
+44 (0) 7739 701634
miles@montfort.london

Charlotte McMullen
+44 (0) 7921 881 800
mcmullen@montfort.london

Investor Relations: 
Chris Dyett
+44 (0) 7974 974690
ir@melroseplc.net

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