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      "text": "Achieving the Aerospace target operating margin of 14%+ on market recovery, implies a target EBITDA margin of 18%+\nRequired restructuring projects to achieve target margins in Aerospace on a market recovery materially complete in 2023",
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      "text": "3a. Aerospace on track to meet recently upgraded operating margin target",
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      "text": "1. Described in the glossary to the 2022 Interim Financial Statements and considered by the Board to be a key measure of performance\n2. This is not an internal Melrose forecast, it is a company compiled consensus from all 14 external analysts that cover Melrose, adjusting for the disposal of Ergotron where appropriate\n3. Consensus² operating profit before depreciation and amortisation from subsidiaries and equity accounted investments (depreciation and amortisation calculated as 2x H1 2022)",
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      "text": "Melrose (Aerospace) Adjusted results¹ pre-central costs\n£m Consensus² 2022\nRevenue 2,776\nEBITDA³ (pre-central costs) 327\nEBITDA³ margin % 11.8%\nOperating profit (pre-central costs) 183\nOperating margin % 6.6%",
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      "text": "Key point 3a: Current margin targets in Melrose (Aerospace) – significant upside",
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