Melrose Industries PLC on Tuesday announced the start of its latest buyback programme.

Melrose is a Birmingham, England-based aerospace technology firm composed of parts of the former GKN. In August, it announced a new share buyback programme with a maximum aggregate spend of £250 million over an 18-month period.

Melrose said at the time that this ‘highlights the board’s confidence in the future growth prospects of the group’.

JP Morgan Securities PLC will conduct the repurchases, which will start on Tuesday.

This latest programme follows the £500 million buyback announced in October last year, which the company has now completed.

Melrose shares were up 2.6% at 467.47 pence each in London on Tuesday morning.

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