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IN BRIEF: Dowlais backs annual expectations on "encouraging" start

23rd May 2023 10:25

Dowlais Group PLC - London-based spin-off of Melrose Industries PLC composed of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses - For the four months ended on April 30, posts GBP1.90 billion of adjusted revenue, up 9% at constant currency and in line with company expectations. Adjusted operating margin in the period was in line with the 2022 full-year but up 200 basis points from the same period a year ago. Says Automotive division has had a good start to 2023 with 11% growth at constant currency, led by Europe and the US, and improved operating margin, but Power Metallurgy revenue and margin are flat. Looking ahead, says 2023 expectations are unchanged, with margin expansion expected.

Chief Executive Officer Liam Butterworth says: "We have had a very encouraging start to the year. As markets continue to recover, we are increasingly confident of delivering sector leading financial performance, based on our proven financial model and continued execution of our restructuring programs. We remain excited about the future."

Dowlais will release its interim results on September 12.

Current stock price: 139.40 pence each, down 2.9% on Tuesday morning in London

12-month change: up 19% since April 20 listing

By Xindi Wei, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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