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Turnaround specialist Melrose's profit jumps on Elster buy

Reuters - UK Focus

March 5 (Reuters) - Engineering turnaround specialist Melrose Industries (Other OTC: MLSPF - news) full-year headline pretax profit almost doubled, boosted by the acquisition of Elster, which makes meters for measuring gas, water and electricity consumption.

Melrose, which follows a private equity type model of buy, improve and sell, said profit in Elster, acquired in 2012, increased by over a third in the first full year of ownership.

Pretax profit for the year ended Dec. 31 increased to 226.1 million pounds ($377 million) from 117.9 million pounds. Revenue rose about 65 percent to 1.7 billion pounds.