North West suffers as orders from US dry up
Thursday 26 May 1994
The company spent pounds 150m in the early 1990s diversifying into equipment for water treatment plants, but yesterday admitted it was not getting much of a return.
However, the group reported taxable profits in the year to 31 March up 8.9 per cent to pounds 269m, thanks to its core water business.
Lack of sales at the US divisions Envirex and Wallace & Tiernan saw operating profits at the equipment subsidiary fell from pounds 19.7m to pounds 8.8m. The division contributed pounds 184m against pounds 183m to turnover, but this included favourable exchange rate movements of pounds 9m.
About two-thirds of business for the equipment division is in the US, where a shortage of Federal funds to municipal authorities cut trade. However Bob Ferguson, finance director, said there was a bill before Congress that should release dollars 3bn. The division's order book had also improved from pounds 60m to pounds 72m.
Group turnover for the year rose 5.3 per cent to pounds 924m and operating profits rose 15 per cent to pounds 326m. A final dividend of 15.4p makes 23.07p for the year, an increase of 7.8 per cent. Shares fell 9p to 511p.
- 1 Moscow voted the world's unfriendliest city
- 2 The excuses your boss is most likely to believe when you call in sick
- 3 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 4 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
- 5 If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Senior British politicians tell David Cameron: When dead children are being washed up on beaches, it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...