GKN costs take toll on Melrose

Melrose Industries has swung to a halfyear loss after booking hefty costs linked to its controversial £8 billion hostile takeover of engineering giant GKN.

The group posted a pre-tax loss of £303 million in the six months to 30 June, compared with a £48m profit in the same period last year. Melrose said the loss “occurred due to booking significant acquisition related charges” linked to GKN.