Dickie lifts profits

Engineering group Eliza Tinsley’s £15m takeover of James Dickie last year pushed profits up 44% to £3.9m. The deal doubled Eliza Tinsley’s workforce to 17,000. Chief executive Andrew Hall is considering further acquisitions and the disposal of several non-core businesses acquired as part of the Dickie deal. `We have our eye on one or two […]

Engineering group Eliza Tinsley’s £15m takeover of James Dickie last year pushed profits up 44% to £3.9m.

The deal doubled Eliza Tinsley’s workforce to 17,000.

Chief executive Andrew Hall is considering further acquisitions and the disposal of several non-core businesses acquired as part of the Dickie deal.

`We have our eye on one or two acquisition opportunities,’ Hall said. He said he would consider going back to shareholders for more funding: `I’d hate to be limited to just debt finance.’

Hall said the group’s main divisions, one of which specialises in sub-assemblies for construction equipment and off-highway vehicles and the other which makes chain and hardware for the retail sector, did well last year.

Turnover also rose by 44% last year, climbing to £69.7m. The group incurred £545,000 of costs, including a hit for redundancies at GR Smithson in Wolverhampton after it was affected by reduced orders from Rover.