GKN Aerospace owner Melrose holds outlook despite supply chain challenges
Melrose Industries said it is on track to hit looming profit targets despite the industry-wide supply chain challenges plaguing the aerospace sector.
The Birmingham-based manufacturer said this morning it expects adjusted operating profit of between £550m and £570m this year and £700m in 2025.
In an update to markets, Melrose flagged a seven per cent year-on-year rise in revenue, driven by a 17 per cent jump in its Engines division.
Aerospace manufacturers, particularly the major planemaker’s Airbus and Boeing, have struggled to meet a significant ramp-up in post-Covid demand from their airline customers, as a result of long-running supply chain problems.
Huel: Record sales as profit triples at brand backed by celebrities
Huel, which counts the likes of Idris Elba, Steven Bartlett and Jonathan Ross among its investors, has reported record sales as a profit almost tripled during its latest financial year.
The Hertfordshire-headquartered company, which is known for its vitamin-enriched food items, has reported a revenue of £214m for the 12 months to 31 July, 2024, up from the £184.5m it achieved in the prior 12 months.
Huel’s pre-tax profit also jumped from £4.7m to £13.8m over the same period, according to new figures.
The business said its products are now sold in 25,650 stores, up from 11,250.
Average price tag on a home falls as rate cuts spark demand revival
The average price tag on a newly marketed home dropped by over £5,000 in November as buyer demand revived in the wake of the Bank of England’s recent interest rate cut.
According to Rightmove, the standard price for a newly marketed home currently sits at £366,592, a 1.4 per cent month-on-month drop.
That downward trend is steeper than usual, with a typical November fall being around 0.8 per cent.
Rightmove said its data indicated that a fall in buyers approaching estate agents following the Autumn Budget, had been offset by a rise in buyer demand after the Bank of England lowered interest rates to 4.75 per cent in only the second cut this year.