**Summary**
Melrose Industries PLC released a trading update on November 14, 2025, confirming its full-year guidance for 2025. The company reported strong performance for the four months ending October 31, 2025, with group revenue growing by 14% at constant currency, excluding exited businesses. Key highlights include
1. **Engines Division**Revenue surged by 28%, driven by a 35% increase in Original Equipment (OE) sales and a 22% rise in aftermarket sales, supported by strong demand and recovery from tariff-related uncertainties.
2. **Structures Division**Revenue grew by 5%, with defense segment growth offsetting constraints in civil aerospace due to customer supply chain issues.
3. **End Markets**Record backlogs in civil aerospace and increased defense spending due to geopolitical uncertainty are driving growth opportunities.
4. **Full-Year Guidance**Melrose reaffirmed its 2025 targets
Revenueยฃ3.425 billion to ยฃ3.575 billion.
Adjusted operating profitยฃ620 million to ยฃ650 million (post PLC costs of ยฃ30 million).
Free cash flowยฃ100+ million (after interest and tax).
CEO Peter Dilnot emphasized the companyโs focus on production ramp-up and customer delivery, highlighting its strong position in both civil and defense markets. Full-year results will be published on February 27, 2026.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text. Since the text does not provide explicit year-on-year financial or debt figures, the table is structured to reflect the guidance and growth rates mentioned for 2025, with a placeholder for 2024 data (assuming it is not provided).
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1. **Placeholder Data**: The 2024 column is left blank as no specific figures are provided in the text.
2. **Year-on-Year Change**: Since 2024 data is not available, the year-on-year change column is marked as "N/A".
3. **Sensitivity Analysis**: Debt sensitivity to currency movements is included as per the provided information.
4. **Growth Rates**: Revenue growth rates for Engines and Structures are included based on the text. This table can be expanded or modified once actual 2024 data becomes available.