driving performance
realising value
Melrose seeks to acquire underperforming industrial businesses whose operational performance can be improved. Melrose invests in its businesses to fully exploit their operational and strategic strengths. Once a turnaround has been completed, it aims to sell these businesses and deliver value back to shareholders.
Annual Report 10Now available to:
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Interim Report 11Now available to:
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2011 Interim Results Highlights1
- Revenue for the period was £555.9 million (2010: £509.9 million), a 9% increase
- Order intake for the period was 18% higher than twelve months ago
- Headline profit before tax for the period was £74.9 million (2010: £56.7 million), an increase of 32%. Profit before tax was £63.1 million (2010: £40.3 million)
- Headline operating margins increased to 15.4% (2010: 13.8%)
- Headline fully diluted earnings per share (“EPS”) was 14.0p (2010: 10.9p), 28% higher
- Profit conversion to cash of 68%3 in the period (122%3 since FKI) funding higher capital expenditure and trade working capital growth in line with revenue
- Interim dividend increased by 15% to 4.6p (2010: 4.0p)
- Completion of the disposal of Dynacast on 19 July 2011 for an enterprise value of £377 million with the equity value increased fourfold
- Return of Dynacast proceeds to shareholders and an ordinary share capital consolidation on 8 August 2011
(1) For notes on the highlights, please see the 2011 Interim Results statement in the media and investor section of this website.
News
Interim Management Statement
Notice of IMS
Director-PDMR Shareholding
Director-PDMR Shareholding
Statement re Charter International plc
Statement re Possible Offer for Charter International plc
“The first half of 2011 has been another strong period for Melrose and, with the successful sale of Dynacast and subsequent return of capital, has seen a further validation of our ‘buy, improve, sell’ business model. Revenue has increased, and we were pleased to surpass our 15% operating margin target by improving headline margins by more than 50% in three years. The Board believes that current performance can be improved still further as the benefits of our capital expenditure programmes and efficiency improvements continue to come through.”
24 August 2011
