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08 Feb 18. Antonov reports improved sales and earnings. Ukrainian aerospace group Antonov has reported that sales more than doubled in 2017 to reach UAH5.9bn (USD217.6m), reflecting a shift to new markets plus the reform of management and business practices. The group – which has traded as part of the Ukrainian state-owned defence and aerospace holding group Ukroboronprom since 2015 – also reported net earnings of UAH180m, which the company claims have increased fourfold during the last two years.
Antonov added in its brief trading update of 7 February that the average wages of the group’s workers have increased 26% during the last two years and that “wage payments are timely and [paid] in full”. (Source: Google/IHS Jane’s)
07 Feb 18. Britain looking closely at Melrose bid for GKN – May. The hostile takeover pursuit of engineering company GKN by Melrose Industries is receiving close attention from the British government, Prime Minister Theresa May said on Wednesday. The bid by the turnaround specialist has escalated into a war of words between the two UK companies and prompted the Unite union to warn that a deal could threaten jobs.
Melrose’s cash-and-shares hostile offer values GKN at about 7bn pounds but has been rejected as “derisory” by Anne Stevens, chief executive of the aerospace and automotive parts business.
May said the government’s business department “will be looking closely” at the proposed deal and has been following events.
The prime minister was responding to a question in parliament from lawmaker Jack Dromey, who asked whether the government would use its powers to block what he described as an “unwanted” takeover of GKN.
“I can assure him that I, and the government as a whole, will always act in the UK national interest,” May said.
Melrose has swooped on GKN after the FTSE 100 aerospace and automotive parts company was left vulnerable following two profit warnings in October and November that sent its shares tumbling.
Stevens, who took over as GKN’s new chief executive last month, has said she plans to separate the company’s two main businesses to boost value for shareholders, as an alternative to a deal with Melrose.
Melrose Industries, the turnaround specialist pursuing a hostile bid for GKN, would welcome opportunities to explain to the British government why a deal “will create an industrial powerhouse of which the UK can be rightly proud”, a company spokesman said.
The comments come after Prime Minister Theresa May said in parliament on Wednesday that the UK business department would look closely at Melrose’s proposed deal for the engineering company. (Source: Reuters)
07 Feb 18. Heroux-Devtek Reports Fiscal 2018 Third Quarter Results.
• Sales of $97.0m, versus $98.5m in the previous year
• Operating income of $6.6m and net income of $0.6m, or $0.02 per share
• Adjusted EBITDA1 of $13.6m and adjusted net income1 of $5.7m, or $0.16 per share
• Cash flows related to operating activities of $19.3m, up from $15.5m last year
• Significant increase in free cash flow1 to $17.1m, versus $9.7m last year
Héroux-Devtek Inc. (TSX:HRX), (“Héroux-Devtek” or the “Corporation”), a leading international manufacturer of aerospace products, today reported its results for the third quarter of fiscal 2018 ended December 31, 2017. Unless otherwise indicated, all amounts are in Canadian dollars.
“During the third quarter, we continued to generate solid free cash flow, a trend which has enabled us to reduce our net debt position significantly since the beginning of the fiscal year. On a year-to-date basis, free cash flow stood at over $30m versus $10m for the same period last year. In addition, our backlog remained solid at $475m, up from $405m at Ma