4th Mar 2015 07:50
LONDON (Alliance News) - Melrose Industries PLC on Wednesday reported a fall in pretax profit in 2014 as sterling headwinds exacerbated a fall in revenue for the manufacturing investment company.
Pretax profit fell to GBP128.9 million from GBP144 million, held back significantly by the strength of sterling as pretax profit with currency effects stripped out rose 21%.
Revenue was down to GBP1.38 billion from GBP1.47 billion, despite underlying revenue in its Elster measurement business rising in all three of its gas, electricity and water businesses. That strong performance was offset, however, by weaker trading in its Brush electricity generation business, which was hit by difficult end market conditions.
Melrose has proposed a final dividend of 5.3 pence per share, up from 5 pence last year, bringing its total dividend for the year to 8.1 pence per share, up from 7.75 pence.
In addition to the dividend, Melrose noted it intends to return GBP200 million to shareholders along with a 13-for-14 share consolidation this month. The return is being made following the sale of its Bridon Group wire and rope business.
"We are delighted with Melrose's performance in 2014 with profits up 21% in constant currencies," said Melrose Chairman Christopher Miller. "We look forward to a further acquisition in due course to continue our success."
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Melrose