Melrose on track, cash generation 'excellent'

14th Jul 2009 07:01

Engineering conglomerate Melrose is trading in line with expectations for the full year and said cash generation during the first six months of 2009 has been 'excellent'.Net debt has reduced by £127m since 31 December 2008 to £416m as at 30 June 2009, with net debt to EBITDA leverage further reducing to 2.15x, down from 2.65x as at 31 December 2008."We are very pleased that the combination of excellent cash generation from trading, disposals and exchange has enabled us to report a substantial reduction in net debt at the half year," said chairman Christopher Miller.Results for the six months to 30 June will be announced on 28 August.