Melrose Industries, the engineering conglomerate, says it is being hit by a worse than expected crunch in the global supply of semiconductors, which is causing turmoil for car manufacturers.
The FTSE 100 group said that both its automotive arm and its powder metallurgy business were being hampered by the “frustrating” shortage of chips.
“At present the timing and duration of these constraints is uncertain, but recently the consensus view is that they have lengthened,” Melrose said.
While the company told investors earlier in the year that it was being affected by the semiconductor crisis, Simon Peckham, the chief executive, had said last month that it anticipated constraints would “start to ease over the balance of this year”.
Its warning yesterday that the disruption was likely