US oil and gas market gives Melrose a lift
WARWICKSHIRE-based engineering turnaround specialist Melrose has reported a 9% increase in revenue for the first four months of the year compared to the same period last year.
In a statement ahead of today’s AGM, the firm said the positive momentum experienced in its businesses in revenue and order intake during 2011 has continued into 2012.
Melrose says 2012 will see significant expenditure on capital projects. It also remains keen to make an acquisition when the opportunity arises.
Its Brush Turbogenerators subsidiary, which accounts for three quarters of Melrose’s energy division by revenue, continues to grow as planned and to perform satisfactorily.
The restructuring project to improve manufacturing efficiencies in the Netherlands facility is continuing and this should improve the performance of the factory. The integration of Hawker Siddeley Switchgear into Turbogenerators is also proceeding well and will benefit the results this year, the firm says.
The lifting arm has had a strong start to the year with revenue up 11% on the same period last year and the total value of orders received in the period being 8% higher than revenue.
Its subsidiary Crosby grew significantly in 2011 and this has continued into 2012 with revenue in the period up 23% on last year, and order intake up 17%. The strength of the US onshore oil & gas end marketis a key factor here.
Melrose chief executive David Roper becomes the firm’s executive vice chairman after today’s AGM whilst Simon Peckham becomes the new chief executive.
