Aug 29 (Reuters) - Engineering turnaround specialist Melrose Industries Plc’s first-half revenue more than doubled, helped by its acquisition of Elster last August.
Revenue increased 119 percent to 1.02 billion pounds ($1.58 billion). Revenue from Elster - which provides measurement solutions for gas, electricity and water customers - was 569.2 million pounds.
“Elster is fast proving to be another great acquisition with profit already up by over a third,” Melrose Chairman Christopher Miller said.
Headline pretax profit rose to 139.4 million pounds ($216.73 million) in the six months ended June 30 from 65.9 million pounds a year earlier.
Melrose follows a private equity-type model of investing in companies, improving their performance and then selling them.
The company said the process for the potential sale of Crosby, its U.S. lifting unit, was proceeding well.
Crosby, which makes lifting fittings and blocks for the oil and gas, construction and mining sectors, was acquired by Melrose in 2008.
The company had said in June that it would be selling Crosby, which is valued at about $1 billion, and was expecting to receive first-round bids in mid-August.
“The (second half of the year) is likely to be a hive of activity for Melrose with the on-going disposal of Crosby, likely announcement of a cash return (post Crosby), the intention to start the search for the next acquisition,” Investec Securities analyst Chris Dyett said in a note.