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Melrose trumps forecasts

Manufacturing investor Melrose beat forecasts for the full year thanks to a strong performance from crane, cable and hooks maker FKI and said it would focus on acquisitions rather than disposals this year. For 2009, the firm posted pre-tax profit of £118.6m, compared with a restated £73.1m for the previous year. It increased its final dividend 10 per cent to 7.7p per share. Analysts were expecting profit to jump to £110m.