UK safety and process control engineer Industrial Control Services is looking to buy sensor and management systems companies, to add to its process control and safety activities.
The Essex-based company almost went out of business 18 months ago, but a new management team has restructured the company and brought it close to profitability again.
Excluding ICS’s loss-making Brisco subsidiary, which was sold last year, the company made a pre-tax profit of £2.6m in the year to May 1999.
Restructuring is likely to continue in ICS’s Triplex subsidiary, which manufactures safety monitor and control applications.
Julian Morse, an analyst at Beeson Gregory, said ICS would benefit from restructuring and a shift of focus from manufacturing to software and development.
`They were in a huge hole, but now they seem to have everything back on track,’ he said.
ICS is also moving away from the North Sea oil industry market, which is seeing a fall in equipment investment.