May 13 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)