February 1, 2018 / 11:41 AM / 3 months ago

BRIEF-Melrose Industries ‍Confirms Trading In 2017 Was In Line With Management Expectations​

Feb 1 (Reuters) - Melrose Industries Plc:

* ‍CONFIRMS TRADING IN 2017 WAS IN LINE WITH MANAGEMENT EXPECTATIONS​

* ‍NORTEK TRADING HAS BEEN TRANSFORMED MORE COMPREHENSIVELY AND FASTER THAN ENVISAGED AT TIME OF ACQUISITION​

* ‍NORTEK’S UNDERLYING OPERATING MARGIN IN 2017 INCREASED TO APPROXIMATELY 15%, AN INCREASE OF MORE THAN 5 PERCENTAGE POINTS​

* “NORTEK WILL ALSO BENEFIT FROM RECENT FAVOURABLE TAX CHANGES ANNOUNCED IN US”- CHAIRMAN

* ‍CARRYING VALUE OF BUSINESS HAS BEEN REDUCED TO £300 MILLION​

* ‍CASH COST OF BRUSH RESTRUCTURING ITEMS IS ESTIMATED TO BE £40 MILLION AND IS EXPECTED TO BE MATERIALLY COMPLETE BY END OF 2018.​

* ‍”BRUSH COMMENCED CONSULTATIONS WITH EMPLOYEES IN RELATION TO RESTRUCTURING ITS TURBOGENERATOR BUSINESS TO REFLECT REDUCED LEVELS OF ACTIVITY”​

* “WE ARE DOING ALL WE CAN TO SUPPORT THE BRUSH BUSINESS AND ITS MANAGEMENT TEAM IN TACKLING EXTREMELY ADVERSE MARKET CONDITIONS”- CHAIRMAN

* ‍NORTEK’S UNDERLYING OPERATING PROFITS AT CONSTANT CURRENCY ARE UP ABOUT 50% COMPARED TO LAST YEAR AND ABOUT 65% UP ON FULL YEAR​

* ‍”WORKING HARD ON OUR PROPOSAL TO MERGE BUSINESS AND SHAREHOLDER INTERESTS OF GKN WITH MELROSE​” Source text for Eikon: Further company coverage:

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