Powerscreen expects losses of £65m
POWERSCREEN International said full-year losses would be £65 million – six times greater than expected.
The warning prompted the Stock Exchange to investigate heavy trading in Powerscreen shares in recent days.
The Northern Ireland engineer said in January it faced a charge of about £47m after financial irregularities were uncovered at its Matbro tractor making subsidiary. The Serious Fraud Office is investigating the losses. It said at the time that it expected Powerscreens overall losses for the year would be £10m.
- The Times 28/05/98 page 27, page 29 (Commentary), page 30 (Markets)
- Financial Times 28/05/98 page 21
- The Daily Telegraph 28/05/98 page 35
- The Scotsman 28/05/98 page 24
- The Independent 28/05/98 page 24, page 26 (Shares)
- The Guardian 28/05/98 page 26 (The Prices Page)