Melrose confident going forward

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.

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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.