Press tips: Melrose, Chime Communications

Tempus in the Times is uncharacteristically effusive over engineering investor Melrose . To be fair, the company consistently beats expectations by buying under-performing companies, making them ship-shape and flogging them.

With revenues up 11 per cent over 2010 and pre-tax profits flying 32 per cent ahead, you can see where Tempus is going. The main point is that by offering a very generous dividend policy, Melrose has handed back roughly the £785m investors paid for it at its initial public offering in 2003, and is now worth £1.5bn. Buy (Last IC rating: Buy, 7 Mar).

Chime Communications is also in Tempus's sights, it may flog its controversial PR division and has an impressive position in sports marketing, trading at less than nine times forward earnings, with the Brazil Olympics and World Cup on the horizon, Tempus thinks the shares have some way to go (Last IC rating: Buy, 7 Mar).

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