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Aerospace manufacturer Melrose has signed PwC to handle its £6.6m audit after Deloitte resigned.
Deloitte had been the chosen auditor of the company for the past 20 years, and was forced to resign due to a 20-year tenure limit.
Regarding the announcement, Melrose said: “The reason for our ceasing to hold office is due to expiry of maximum duration as statutory auditor of a public interest entity under section 494ZA of Companies Act 2006.”
Melrose is a UK-based company that provides technology for more than 100,000 flights a day.
For the 2023 financial year, the company reported a 17% revenue growth to £3.35bn and adjusted operating profits of £390m, up 164% on the prior year.
In 2024 Melrose expects revenues between £3.6bn and £3.75bn, and an adjusted operating profit (pre-PLC costs) between £550m and £570m, 6% above its prior guidance.
