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      "text": "Dowlais² results are slightly above the top end of the range indicated previously for 2022. The market outlook for 2023 is c.3% volume growth⁵",
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      "text": "Aerospace experienced strong momentum and market recovery in 2022 with a continued positive outlook for 2023 of c.15%+ blended market growth⁵",
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      "text": "1. Described in the glossary to the Preliminary Announcement and considered by the Board to be a key measure of performance\n2. Comprises the Automotive, Powder Metallurgy and Hydrogen businesses\n3. Including depreciation and amortisation from equity accounted investments\n4. Proforma PLC costs of £36 million and £10 million of non-cash divisional LTIP charge\n5. Sources for volume growth: S&P global light vehicle production forecast (January 2023) for Dowlais; Cirium, Teal and US DoD for Aerospace",
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      "text": "Melrose (Aerospace) pre-PLC costs £m, Adjusted¹ Results 2022, Growth vs 2021, Revenue 2,957 11%, EBITDA (pre-PLC costs) 330 19%, EBITDA margin % 11.2% 1.1ppts, Operating profit (pre-PLC costs) 186 51%, Operating profit margin % 6.3% 1.9ppts, Proforma PLC costs⁴ (46) £10m less",
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