Financial Performance - Melrose Industries PLC reported a 6% increase in revenue to £1.72 billion in H1 2025[9] - The company achieved a 29% increase in operating profit to £310 million[9] - Free cash flow improved by £91 million year-over-year, although it remained an outflow of £54 million[9, 14] - Diluted earnings per share increased by 30% to 15.1p[14] Divisional Results - The Engines division saw an 11% increase in revenue, reaching £781 million, and a 26% increase in operating profit[16, 21] - The Structures division experienced a 3% increase in revenue to £939 million and a 32% increase in operating profit[16, 29] - Engines operating margin improved by 4.0 percentage points to 33.4%, while Structures operating margin increased by 2.0 percentage points to 6.7%[16] Strategic Initiatives - The company is in the final stages of footprint rationalization, reducing sites from 52 to 32[11] - 85% of the defence portfolio is now sustainably priced, ahead of schedule[11] Future Outlook - The company maintains its full-year guidance for 2025, expecting to deliver £100 million+ in free cash flow[8, 43] - Revenue target for 2029 is ~£5 billion, with operating profit of £1.2 billion+ and a margin up to 24%+[79]