THE engineering group Unidare should generate "similar" profits in 1997 to last year's level, its chairman, Mr Jack Hayes, told shareholders at yesterday's annual general meeting. So far this year they are "broadly in line" with last year.

However, the standstill profits would be achieved despite the absence of a contribution from the plastic division which was sold and a "likely negative currency translation impact", he said. This implies growth in underlying profits.

One of the group's major priorities for this year is a substantial capital investment programme. This, Mr Hayes said, was "progressing well".

In addition, with its debt free balance sheet, Unidare is seeking additions to its refocused core businesses to increase shareholder value. It made a move in this direction in February with the acquisition of Eland, a wholesaler of welding accessories, in Britain.