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      "text": "Aerospace is not currently seeing a recovery in its civil end market, so is having to reshape the most. Inventory reduction achieved in Aerospace in 2020 of 21%. Much has been achieved and more restructuring savings are to come.",
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      "text": "Melrose achieved its record cash generation in 2020, despite the significant profit reduction. Particularly strong year on year growth seen in the second half, 29% up on 2019. Working capital improvement, more to come.",
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      "text": "Leverage reducing faster than planned. On a proforma run rate basis (annualising H2 profits) leverage is 3.2x; the next covenant test will be 5.25x at December 2021. Proforma leverage closer to the Melrose norm of 2x to 3x.",
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      "text": "1. Adjusted free cash flow is described in the glossary to the 2020 Preliminary Announcement, released on 4 March 2021. 2. Described in the glossary to the 2020 Preliminary Announcement, released on 4 March 2021.",
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