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Mount Engineering
- BY: Andrew Hore |
- POSTED: 29/01/2008 |
Mount Engineering says that its 2007 pre-tax profits will be ahead of expectations.
The part of the business that makes thread converting adaptors and reducers for explosive and hazardous environments performed strongly. That offset disappointing sales of industrial valves.
Mount Engineering was set up as a shell to take over CISX-quoted engineering company Mount (York) Ltd in a deal worth £10.85m at the beginning of July 2007. Shareholders were offered 70p cash per share or one new Mount Engineering share. Mount Engineering raised £12.5m at 70p a share at the same time.
In the 17 months to December 2006 Mount (York) made profits of £967,000 on turnover of £6.22m. Although the group wasn’t in its current form for all of 2007
Mount Engineering plans to acquire other engineering businesses that can be integrated into the group.
The shares rose 2p to 70p – the original flotation price.
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