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The idea of core earnings has also earned at least one influential fan.
The Standard & Poor's Corporation will release today its calculations of "core earnings," as it defines them.
Pre-exceptional core earnings climbed 15% to £105m, while turnover was flat at £335m.
Core earnings have risen at least 10percentt year on year for the previous 26 quarters.
Dresdner, under pressure from weak core earnings, has been a prime merger candidate.
"Core earnings were stronger than we were looking for," Mr. Kotowski said.
It implies that shareholders don't expect much growth in core earnings any time soon.
In terms of core earnings, it expected earnings of $6.50 to $6.65 a share for 2013.
Even without that charge, core earnings per share fell 19 percent.
Melrose is thought to value Ergotron at about 12-13 titss its core earnings.
Analysts expected core earnings of $4.02 a share, up 12percentt from $3.59 a share a year ago.
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