Manufacturing News – Late November 2023

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Aerospace manufacturing giant Melrose is set to more than double its profits compared to last year, driven by higher aftermarket demand and pricing, and the delivery of operational improvements.

The Birmingham industrial firm anticipates revenues of between £3.3bn and £3.4bn thanks to a strong performance from its Engines and Structures divisions. Engines business margins are expected to be boosted by 25% and Structures by 4%.

It’s a 7% profit upgrade to previous expectations, with Melrose setting guidance for its Aerospace adjusted operating profit to be between £400m and £410m.

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Global engineering firm Spirax Sarco says production slowed in the last quarter as markets across the world continue to contract.

The company said weak demand from customers in the semiconductor, pharmaceutical and biotechnology has persisted in the past four months.

The Gloucestershire business does do not anticipate any recovery in demand from these sectors in the remainder of 2023, with demand now likely to improve during 2024.

As a result, sales growth for the four months ended 31st October across all three businesses was below expectations, with group revenues for the ten months ended 31st October marginally below the corresponding prior year period, excluding the impact of acquisitions, disposals and currency effects.

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