|Master Investor Magazine
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The price of shares in FTSE 100 firm Melrose Industries (LON:MRO) has risen by 6.74% to 198p (as of 13:00 BST) after its revenues for the six months ended 30th June doubled. The company’s loss before tax for the period also narrowed significantly. The aerospace division performed particularly strongly and now contributes 34% to the group’s adjusted profits.
CEO Justin Dowley commented: “These results show the initial fruits of the ‘improve’ stage of Melrose’s ownership of GKN and, with the overall GKN margin increasing positively, we are excited about what is possible. The performance is in line with expectations and leverage is better than expected. At the same time, this has been a year of record investment in Aerospace technology and substantial eDrive development. The Melrose Board is confident that our businesses will deliver significant upside for shareholders“.
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