Melrose warns on slow sales

Suzie Neuwirth
MELROSE Industries’ share price plunged over eight per cent yesterday, after the engineering buyout firm warned that sales growth in 2014 would not be easy to achieve, due to challenging market conditions.

But pre-tax profit rose 48 per cent in 2013 to £226.1m.

“Our strategy of ‘buy, improve, sell’ is by now well understood,” said the FTSE 100-listed firm. “2013 was a highly successful year.”