Engineering firm Melrose reported strong growth in the third quarter, with slowing business in Europe being offset by its international markets.
Group sales in the third quarter were 12% higher than in the same period in 2010 and its order intake was 14% higher than last year.
Consequently, the group was set to enter 2012 with strong order books, Melrose said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm added that although the economic environment had deteriorated over the past three months, trading in its businesses had remained broadly unaffected.
"Current trading remains encouraging and is in line with management expectations," it said in a statement.
"In Brush Turbogenerators, Bridon and Crosby, which account for the majority of the group, Melrose owns businesses with leading market positions operating in a number of different geographical regions in the world in sectors such as power generation, oil & gas and mining, which have favourable end-user demand prospects."
Melrose said it was still on the hunt for acquisitions following its failed £1.4bn bid for rival engineering firm Charter International in the summer.
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
