Turnaround specialist Melrose's profit jumps on Elster buy

March 5 Wed Mar 5, 2014 2:23am EST

March 5 (Reuters) - Engineering turnaround specialist Melrose Industries full-year headline pretax profit almost doubled, boosted by the acquisition of Elster, which makes meters for measuring gas, water and electricity consumption.

Melrose, which follows a private equity type model of buy, improve and sell, said profit in Elster, acquired in 2012, increased by over a third in the first full year of ownership.

Pretax profit for the year ended Dec. 31 increased to 226.1 million pounds ($377 million) from 117.9 million pounds. Revenue rose about 65 percent to 1.7 billion pounds.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article