RECORD financial results are continuing to be achieved by Powerscreen International, the Dungnnon based materials screening, crushing, recycling and handling business. It employs 1,000 people north and south of the Border.
Profits before tax increased 24 per cent to £36 million in the year to March 31st on turnover up 33 per cent at £261 million. Earnings per share climbed 22 per cent to 30.5p providing plentiful cover for total dividends up 13.6 per cent at 9.2p.
Although the results were at the top end of market expectations, Powerscreen shares closed 4p lower at 467p on the London stock market on further profit taking following the strong run from just on 400p at the beginning of April.
Mr Shay McKeown, chief executive of Powerscreen, said the strong results rewarded the successful strategy of expanding the geographical spread of the group's sales.
The screening division employing 500 at Dungannon, 120 at Omagh and 110 at Kilbegin lifted operating profits by 14 per cent to £22 million on turnover up by a similar proportion at £103 million.
At the materials handling division, profits surged 90 per cent to £9 million on turnover up 47 per cent at £116 million.
The plant employing 160 people in Monaghan, Southern Ireland, had a difficult year due to increased costs of stainless steel. And at the crushing an recycling division, profits increased 8.5 per cent to £5.1 million on turnover up 8 per cent £37.4 million.
Chairman Mr John Craig says order books are healthy and ahead of last year throughout each of the group's three divisions. Analysts are projecting a further increase in 1996-97 profits before tax from £36 million to around £42 million, maintaining the group's record breaking run.
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