STOCKS NEWS UK-Melrose gains; debt, trading reassure

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07:23GMT 14Jul2009-Melrose gains; debt, trading reassure

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Shares in Melrose Plc (NYN.L) rise 7.5 percent after the industrial investor says it has cut net debt by 127 million pounds since the start of 2009 to 416 million pounds and trading is in line with expectations.

Investec analyst Chris Dyett says this beats his forecast of net debt of 486 million pounds for the year-end, while a further reduction in the net debt to EBITDA ratio means H1 EBIT is running ahead of his forecast.