* H1 adj. operating profit down 90%
* Consultation on job cuts at aerospace unit underway
* Sees recovery in automotive markets
* Shares up 10%, some analysts say momentum may be turning (Adds shares, analyst comment, more details on results)
Sept 3 (Reuters) – Engineering business owner Melrose Industries said on Thursday there were signs of a pick-up in some of its markets, excluding aerospace, after the coronavirus crisis slashed its first-half profit by 90% and prompted job cuts.
Shares of the FTSE 100 company gained 10% by 0744 GMT as investors reckoned the worst may be over after the owner of UK-based car and aerospace parts maker GKN said its automotive and key Nortek Air Management businesses were trading at the higher end of expectations over the summer months.
The stock has lost around half of its value this year.
Melrose has had to restructure its pandemic-hit GKN