Cash to buy for Powell Duffryn

Powell Duffryn is to look for acquisitions in the engineering sector after unveiling a 10% rise in engineering profits last week. The ports and engineering group said it could spend as much as £150m on acquisitions this year. Chief executive Barry Hartiss said non-core business disposals had left the company well placed to buy, most […]

Powell Duffryn is to look for acquisitions in the engineering sector after unveiling a 10% rise in engineering profits last week.

The ports and engineering group said it could spend as much as £150m on acquisitions this year.

Chief executive Barry Hartiss said non-core business disposals had left the company well placed to buy, most probably in the UK and continental Europe.

The acquisition plans follow a big rise in half-time profits to £25.8m up from £21.1m this time last year on turnover of £181.4m, up from £172.5m.

City reaction was muted after the group warned growth in the full year was unlikely to be sustained.

The firm’s ports saw steady growth in non-steel cargoes, offset by continued declines in steel export volumes.