Pressac seeks aid

Pressac revealed plans for a new mobile phone components plant in Scotland last week – but threatened to locate it elsewhere if it does not receive sufficient government grants. The company said the plant, which will employ at least 250 people, would represent a £7.5m investment, but its own stake would cost less than £5m. […]

Pressac revealed plans for a new mobile phone components plant in Scotland last week – but threatened to locate it elsewhere if it does not receive sufficient government grants.

The company said the plant, which will employ at least 250 people, would represent a £7.5m investment, but its own stake would cost less than £5m.

Chief executive Geoff White said: `It comes down to what we can get from the Government.’

He was speaking after unveiling a 58% rise in pre-exceptional profits to £22.1m. Turnover increased 66% to £194m.

Pressac specialises in electronic components and systems used in cars and telecommunications.

The results failed to bolster the company’s shares, down 6.5p at 228.5p. Ed Wright, analyst at Dresdner Kleinwort Benson, said exposure to voice and data communications could raise the volatility of the business.