Melrose shares pop as firm returns to profit Melrose shares pop as firm returns to profit Shares in industrialist Melrose jumped 5.0 per cent this morning as the FTSE 100 firm returned to profit after the pandemic. For the first half of the year the firm company that it had made an operating profit of £223m, back in the black after an £11m loss a year ago. Revenue crept up to [...]
Engineer Melrose warns chip shortage could slow its growth Engineer Melrose warns chip shortage could slow its growth Engineering firm Melrose warned that the global shortfall in semiconductors would have an impact on its growth in 2021. The FTSE 100 company said that sales over the first four months of 2021 were 8.0 per cent higher than last year, with operating margins having recovered quicker than expected. But, the GKN owner cautioned that [...]
Melrose Industries to sell Nortek air conditioning unit for £2.62bn Melrose Industries to sell Nortek air conditioning unit for £2.62bn Melrose Industries said on Monday it has agreed to sell its Nortek Air Management business for £2.62bn and will distribute a portion of the funds to shareholders. The British engineering firm said it plans to use part of the proceeds, which will come from Chicago-based buyer Madison Industries, to cut debt. It added that the [...]
FTSE 100 jumps on post-lockdown hopes but Wall Street flat April 6, 2021 London’s FTSE 100 climbed by 1.4 per cent today as prospects of a planned re-emergence from lockdown next week boosted shares. The capital’s premier index currently stands at 6,840, its highest levels since 11 January. Across the Atlantic, however, the mood was more subdued, with Wall Street’s main markets flat at the open this afternoon. [...]
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, [...]