Melrose eyes its next purchase

Manufacturing buyout firm Melrose posted a 44 per cent leap in full-year profit to £171m yesterday, hiked its dividend, and said the time was ripe for its next major buy. Melrose, which has grown by purchasing underperforming businesses, was confident its strategy would continue to deliver in 2011, and said it was eyeing another purchase. Revenues rose six per cent to £1.4bn in 2010, with much of the growth coming from recent purchase FKI.