FOR Northern Ireland engineering group Powerscreen International the economic growl of the so-called Celtic Tiger is drowned out by the deafening howl of the original of the species in the Far East. The Asian tiger economies are fuelling the engine of growth at Powerscreen, which manufacturers a range of heavy-duty crushing and screening equipment.
Booming construction activity in Asian markets is producing booming orders for the company, helping to offset sluggish demand in Europe. The Far East now accounts for 13 per cent of sales and is a market growing in importance.
Powerscreen this week produced a 16 per cent rise in pre-tax profits to £42 million in the year to end March last with operating profits up 18 per cent to £43 million. Turnover surged 17 per cent to £305 million. Further strong growth is expected in the current year, particularly in the Far East.
Bullishness is shown in total dividends raised 11 per cent to 10.2p a share. The shares are narrowly fluctuating, close to their year's high of 620p.
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