April 24, 2018 / 6:18 AM / 3 months ago

BRIEF-GKN quarterly sales drop 0.5 pct to 2.6 bln stg-Melrose

April 24 (Reuters) - Melrose Industries PLC:

* GKN QUARTERLY SALES 2.599 BILLION STG VERSUS 2.611 BILLION STG YEAR AGO

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* GKN GROUP SALES IN PERIOD WERE £2,599 MILLION (2017: £2,611 MILLION)

* GROUP OPERATING PROFIT WAS £181.5 MILLION (2017: £215.1 MILLION)

* GROUP OPERATING PROFIT MARGIN WAS 7.0% (2017: 8.2%)

* GKN PLC PERFORMANCE IN PERIOD BEFORE MELROSE OWNERSHIP SHOWED TRENDS BELOW CURRENT MARKET EXPECTATIONS FOR GKN FOR PROFIT AND CASH GENERATION

* WHILE THIS GIVES MELROSE A LOWER STARTING POINT FOR GKN THAN CURRENT MARKET CONSENSUS OPINION, MELROSE ALLOWED FOR FURTHER UNDERPERFORMANCE BY GKN PRIOR TO ITS OWNERSHIP

* REMAINS CONFIDENT IT WILL BE ABLE TO DELIVER ON ALL STATEMENTS IT MADE DURING OFFER PERIOD OVER MEDIUM TERM Source text for Eikon: Further company coverage:

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