Melrose records 'pleasing' start to year

Engineering buy-out firm Melrose said revenues were up nine per cent in the first four months of the year.

It added that the total value of orders received in the period was 3% higher than revenue and trading was in line with forecasts.

"Whilst the first quarter is historically the slowest quarter of the year, the start to 2012 has been pleasing," the company said.

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Revenue in its energy division was up 10% on the same period last year but the firm warned margins were being squeezed and were lower than the previous year.

Melrose's lifting arm had a strong start to the year with revenue up 11% on 2011 and the total value of orders received in the period 8% higher than revenue.

The company said that as of its Annual General Meeting on Wednesday, Chief Operating Officer Simon Peckham would become Chief Executive, replacing David Roper who would become its executive vice chairman.

It added that it was in the market for another purchase but had nothing in its sights and would "remain patient and disciplined in our approach to finding the right acquisition".