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Melrose Industries, the former UK buyout group turned aerospace manufacturer, raised its guidance for the year after an almost 20 per cent rise in revenues during the first half.

The group said its adjusted operating profit this year was now expected to be in a range of £375mn to £385mn, an 8 per cent increase on previous forecasts.

Revenues were £1.63bn in the first half, up from £1.36bn a year earlier. Aerospace operating profits were £175mn, up from £67mn.

Chief executive Simon Peckham and executive vice-chair Christopher Miller, co-founders, and finance director Geoffrey Martin will hand over to insiders next year.

Melrose said the three had successfully executed the company’s “buy, improve, sell” strategy and its transition to an aerospace group.