**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
Revenue£3.425 billion to £3.575 billion.
Adjusted operating profit£620 million to £650 million (post PLC costs of £30 million).
Free cash flow£100+ million (after interest and tax).
CEO Peter Dilnot emphasized the company’s 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.