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      "text": "Achieving the Automotive Group¹ target operating margin of 11%+ (GKN Automotive 10%+; GKN Powder Metallurgy 14%) on market recovery, implies a target EBITDA margin of 16%+",
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      "text": "3b. The Automotive Group¹ on track to meet operating margin targets",
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      "text": "Required restructuring projects to achieve target margin in the Automotive Group¹, on a market recovery, complete this year",
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      "text": "1. Comprises the Automotive, Powder Metallurgy and Hydrogen group of businesses\n2. Described in the glossary to the 2022 Interim Financial Statements and considered by the Board to be a key measure of performance\n3. 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\n4. Consensus³ 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": "Automotive Group¹ (DemergerCo) Adjusted results² pre-central costs\n£m Consensus³ 2022\nRevenue 4,859\nEBITDA⁴ (pre-central costs) 592\nEBITDA⁴ margin % 12.2%\nOperating profit (pre-central costs) 308\nOperating margin % 6.3%",
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      "text": "Key point 3b: Current margin targets in the Automotive Group¹ (DemergerCo) – significant upside",
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