Powerscreens modest recovery

28 January 1999

Powerscreen’s ‘modest’ recovery

POWERSCREEN International has made a modest recovery after last years financial uncertainly created by the discovery of accounting irregularities.

The Northern Ireland engineering concern reported first-half pre-tax profits of £9.74 million, against a pre-tax loss of £32.2m last time.

The group is still subject to investigation by the Serious Fraud Office and reported losses of £47.7m in the year to March 1998.

Analysts expect more exceptional charges to crystallise from the continuing probe into Matbro, its former agricultural machinery subsidiary.

But brokers see pre-tax profits of between £20m and £25m emerging in the following year.

Sales on the continuing operations in the six months to 30 September rose to £117m against £112m, out of a total £147.5m (£169.5m).

  • The Times 28/01/99 page 27, page 29, page 30 (Tempus)
  • The Independent 28/01/99 page 23
  • Financial Times 28/01/99 page 33
  • The Daily Telegraph 28/01/99 page 36
  • The Scotsman 28/01/99 page 25

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