Melrose sees further 1 pct impact from stronger pound
May 13 (Reuters) - British investment firm Melrose Industries Plc said its financial performance would likely be hurt by an additional 1 percent if current exchange rates for the pound continued for the rest of the year.
The company, which follows a private equity model of buy-improve-sell, said in March that it would be difficult to achieve revenue growth this year because of the pound's strength and that it expected "a forex headwind of about 5 percent".
However Melrose said orders had risen 3 percent in the year to date, helped by its Elster Gas business, whose orders have increased 10 percent.
The company gets about 90 percent of its revenue from outside of the UK.
Melrose shares were up 0.8 percent at 289.4 pence in early trading on the London Stock Exchange. (Reporting by Roshni Menon in Bangalore; Editing by Ted Kerr)
- Islamic State video claims to show beheading of U.S. journalist |
- Gaza war rages on, Hamas says Israel tried to kill its military chief |
- Four beheaded corpses found in Egypt's Sinai: security sources
- Father of Texas 'affluenza' teen arrested for impersonating police officer
- U.S. attorney general visits racially charged St. Louis suburb