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  "documentTitle": "Melrose | Investor Presentation Deck | 111 slides",
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  "authorName": "Melrose",
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  "presentationDate": "2023-05-01 00:00:00",
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      "text": "CASH METRICS\nCapex: Depreciation 1-1.2x\nWorking capital as % sales² c.13%",
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      "text": "17-18%\nOPERATING MARGIN",
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      "text": "£4.0bn\n11% REVENUE CAGR TO 2025¹",
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      "text": "1. CAGR excludes non-core business being exited in 2024\n2. Calculated using trade working capital as a percentage of annual revenue\n3. Excludes revenue from Fokker Services and Fokker Techniek, divested in 2021\n4. Including c.£150 million of Structures revenue from planned site closures to be exited in 2024\n5. 10 May 2023 Trading Update guidance of £3.35bn-£3.45bn revenue and £340m-£360m operating profit, middle of the range assumed here",
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      "text": "2019\n2020\n2023\n2025\n2023 to 2025\nRevenue\n£3.7bn³\n£2.7bn³\n£3.4bn⁴\n£4.0bn\nCAGR 11%¹\nOperating profit\n£405m\nBreakeven\n£350m\n£700m\n2x\nOperating margin\n11%\n0%\n10%\n17-18%\n+700-800bps\nPrevious peak\nCOVID low\nToday\nOn track",
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      "text": "Profitability doubles by 2025 with superior margins",
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