GKN owner Melrose starts unit sale as annual profit plummets March 4, 2021 Melrose Industries said on Thursday it had begun processing the sale of its Nortek air-conditioning division as the company posted a steep fall in annual profit. The company, which owns jet and car parts supplier GKN, said Nortek is trading “very strongly” and that there was no guarantee a sale would take place. Melrose’s adjusted [...]
Melrose shares get a boost despite GKN job cuts and car industry warning September 5, 2019 Takeover specialist Melrose Industries this morning predicted the downturn in the global automotive industry will persist until at least the end of the year, but enjoyed a jump in shares as it allayed investor concerns about the effect the industry’s struggles were having on its own business. Melrose’s market value rose five per cent this [...]
GKN slashes 1,000 jobs as owner Melrose moves turnaround plan up a gear September 3, 2019 GKN Aerospace, one of Britain’s oldest industrial manufacturing companies, has announced plans to cut 1,000 white collar jobs, in a bid to make it a “coherent business”. The firm was bought by Melrose last year for £8.1bn after an ill-tempered takeover scrap, with the buyer promising to boost profits at the former blue-chip firm. Read [...]
Melrose moves into red after GKN takeover, but shareholders remain undeterred March 7, 2019 Acquisition specialist Melrose Industries fell into the red in 2018 after the £8bn takeover of aerospace parts group GKN, but shares rose five per cent on Thursday morning investors were buoyed by strong underlying profits. The FTSE 100 firm, which specialises in buying and improving underperforming businesses, said the hostile takeover of GKN had helped [...]
FTSE 100 roundup: Today’s winners and losers February 1, 2019 The FTSE 100 finished 0.74 per cent up today, nudging just above 7,000 points to finish on 7,020.22. The index was bolstered by weakness in the pound after the release of further disappointing manufacturing statistics this morning. Sterling has had a tough end to an already difficult week, falling 0.3 per cent against the dollar, striking a [...]
FTSE risers and fallers: Housebuilders climb on reports of Brexit delay January 11, 2019 Brexit sensitive housebuilders were the biggest risers in the FTSE 100 today after it was reported that the deadline for the UK’s departure from the European Union could be extended. Taylor Wimpey, Persimmon and Barrett Development took the top spots in the FTSE 100 today after it was revealed that a backlog of six essential bills, [...]
FTSE 100 roundup: Today’s winners and losers November 16, 2018 The FTSE 100 lost ground today, down 5.31 points at 7,032.70 just before markets closed after a turbulent start to the day when it lost as much as 0.8 per cent. All week markets have been reacting to the political fallout from Brexit as the FTSE 100 wiped out gains made late last week. Top 5 FTSE [...]
Upbeat Melrose plans to pay out £200m in 2015 November 19, 2014 SHAREHOLDERS in investment vehicle Melrose Industries can expect a payout of around £200m early next year, after the company confirmed in a trading update yesterday that it would be making a return of capital in 2015. The business, which buys struggling manufacturing firms and improves them, said that trading during the past five months had [...]
Money for old rope as Melrose pulls in £365m October 13, 2014 MELROSE Industries is selling its rope-manufacturing arm Bridon to the Ontario Teachers’ Pension Plan (OTPP) for £365m. As part of the deal, British investment company Melrose will contribute £6.7m towards the Bridon Group (2013) pension scheme, which will remain with Bridon on disposal. Melrose said it intends to use the proceeds of the sale to [...]
Melrose Industries shares take a hit after limited strategy success March 5, 2014 Melrose Industries reported profit before tax of £226.1m in 2013 – up 48 per cent from a year earlier. Its strategy of “buy, improve, sell” has seen operating margins improve markedly, said the firm. Shares slid on the news, down over six per cent by mid-morning. Operating profit rose 20 per cent to £274.9m. Revenue [...]