City File: Verge of making a large acquisition

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NORTH SEA ASSETS is thought to be on the verge of making a large acquisition now its results are out of the way. The offshore services investment group raised its dividend by 33 per cent and strengthened its balance sheet.

The company has turned the corner since the dark days when it was making a loss under its then chairman Sir Ian MacGregor.

David James, the company doctor, was brought in and a disagreement led to Sir Ian's departure. After turning the group back to profit, Mr James bowed out.

If the company follows its previous track record, this latest acquisition will come in the same specialist energy support area.