News blog
Clyde Process Solutions
- BY: Andrew Hore |
- POSTED: 26/11/2008 |
Clyde Process Solutions produced strong growth in interim profits and revenues.
Clyde is a materials handling systems designer and supplier. That includes conveyors and air filtration equipment.
Revenues grew 39% to £36.2m and profits were 400% higher at £2m in the six months to August 2008.
The comparative figures include just over four months from MAC Equipment Inc, the US-based producer of air filtration and conveyor systems that was acquired in April 2007. There was still strong growth even on a like-for-like basis. The profits were also flattered by a foreign exchange gain.
The strengthening US dollar will have a positive effect on the trading figures in the second half. There is a negative effect on the translation of borrowings which are mainly in US dollars. Net debt increased to £15.9m even though dollar borrowings were reduced.
Demand is still strong even though the group’s products are capital investment items. The order book is worth £34.5m. The food sector is the biggest customer. Some other sectors are still investing because they are receiving grants to make environmental improvements.
The US businesses have been fully integrated.
The shares fell 0.5p to 39p each, which values Clyde at £15.8m.
Chairman Jim McColl has bought 200,000 shares at 40p each.
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