7th May 2008 11:42
Melrose PLC07 May 2008 Melrose PLC For immediate release 7 May 2008 Interim Management Statement ("IMS") and AGM update Melrose PLC is today issuing its IMS as required by the Disclosure andTransparency Rules of the Financial Services Authority. The IMS covers theperiod up to 6 May 2008. At the AGM today Christopher Miller, Chairman ofMelrose, said: "Financial position and performance On 5 March 2008, Melrose published its audited results for the year ended 31December 2007. The Company reported revenue from continuing operations of £344.0million (2006: £323.6 million) and headline operating profit of £24.5 million(2006: £19.2 million). A final dividend of 4.25 pence per Melrose Share wasproposed (2006: 3.75p). In Dynacast, the management are continuing to look for suitable acquisitionopportunities (including in Eastern Europe) and to invest heavily in the fastgrowing Far East markets, while maintaining their focus on achieving the highestlevels of operating efficiency in the business. Dynacast benefits from a strongmarket share, well-diversified geographic and product sector exposure andexcellent cash generation qualities. The Melrose Directors are confident thatDynacast will deliver another strong set of results in 2008. In MPC, there has been a favourable start to 2008 and there remain furtheropportunities in the UK industry afforded by the demise of certain competitors.The Melrose Directors expect MPC to continue to build on its strong foundationand to deliver another good performance in 2008. In MVC, the operational improvement in 2007 has progressed. However, evenallowing for MVC's good position in a niche market, conditions in the USautomotive market are very difficult and this is currently offsetting goodimprovement in the operations of the business and pricing recovery fromcustomers. With constant attention to the basics and the new plating line gearedup to meet the projected demands of the new programmes coming on stream in thesecond half of 2008, the Melrose Directors expect a continuing improvement in adifficult market place. Acquisition of FKI plc Further information relating to the proposed acquisition of FKI plc, includingthe Circular and Prospectus which have been posted to shareholders can be foundon the Group's website www.melroseplc.net within the Press releases section.These documents provide further information on both groups, the conditionsattaching to the offer and the expected timetable of principal events. Summary Overall, since the year end the Melrose Group has continued to trade in linewith the Melrose Directors' expectations. Subject to shareholder approvals andthe scheme of arrangement being completed the Board of Directors expect the FKItransaction to be completed early July." Resolutions All the resolutions were passed unanimously at the AGM. Enquiries M: Communications 0207 153 1530 James HilI This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Melrose