Strong results from Melrose help lift the industrial engineering sector higher.
Engineering conglomerate Melrose said the acquisition of FKI is working out better than expected for thee, helping it lift headline profits rise by almost two-thirds in 2009.
Revenue advanced to £1,298.5m from £895.3m in 2008, while headline profit before tax jumped to £118.6m from £73.1m the year before. 'As reported' profit before tax was £82m, compared to £23.5m in 2008.
Melrose's well received results come after fellow engineers Weir and Fenner updated the market earlier this week.
Alternative energy stocks are lower despite good gains from Alkane, which raised profits in 2009 after the alternative energy firm delivered record electricity output of 95GWh, up from 90GWh the year before, as new sites came into production.
FTSE 250-listed solar panel silicon wafer maker PV Crystalox Solar is dragging the sector lower.
Top performing sectors so far today
Forestry & Paper 4,903.12 +3.50%
Industrial Engineering 4,544.07 +2.33%
Mining 23,447.89 +1.35%
Industrial Transportation 2,268.93 +1.30%
Oil Equipment Services & Distribution 17,080.49 +1.29%
Bottom performing sectors so far today
Tobacco 27,005.56 -2.52%
Alternative Energy 7,028.41 -2.22%
Fixed Line Telecommunications 1,762.81 -0.85%
Electronic & Electrical Equipment 1,703.56 -0.78%
General Retailers 1,615.90 -0.63%
Sector review from ShareCast
Sector movers: Melrose lifts engineering sector
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Market latest
FTSE 100 | FTSE 250 | All Share
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FTSE 100
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+1.59% |
| Next plc | 2746.00 | |
+0.99% |
| Diageo plc | 1479.00 | |
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