Melrose beats forecast and targets bids

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The firm's success came mainly from a strong performance by crane, cable and hooks maker FKI. Melrose also said it was seeing signs that recovery may be on the way in western markets.

"Across the group, sales in our early cycle businesses are now beginning to increase and in our later cycle businesses order books are reviving," said Christopher Miller, the company's chairman.

Melrose posted pre-tax profit of £118.6 million for last year, compared with £73.1 million for 2008. It increased the final dividend by 10% to 7.7p a share.