Good morning: How do you interpret half-year results this morning from Melrose, the industrial conglomerate? The statutory results, to June 30, include the (considerable) costs of its controversial takeover of GKN, which quadrupled its size. Not surprisingly they show a large pre-tax loss of £303 million. The adjusted numbers, which exclude those acquisition costs, show pre-tax profit of £240 million on the back of revenue of £3 billion. Then there is the pro forma numbers, prepared on the basis that Melrose had owned GKN for the entire six months.

Source: The Times September 06, 2018 08:03 UTC