pounds 50m to spend at Powell Duffryn
Friday 06 June 1997
The company could gain up to pounds 25m from the disposal of the fuel distribution division and four other businesses, which include a rolling stock operation and a software subsidiary.
Barry Hartiss, Powell Duffryn's chief executive, said he was talking to potential bidders but would not be drawn on a timetable.
Together with the pounds 40.7m raised from disposals since the end of March last year, the group would have in excess of pounds 50m to devote to investment and acquisitions in the two core operations, engineering and ports.
Mr Hartiss said it would be difficult to acquire in the ports sector as most of the main ports were in plc hands. He added that he would be looking at further opportunities in the engineering sector.
"The money's not going to burn a hole in our pockets," he said.
Mr Hartiss became chief executive two years ago and since then has steered the company through a refocusing on its key ports and engineering sectors.
Announcing profits before tax and exceptionals up 4.5 per cent to pounds 44.1m for the year to the end of March, Mr Hartiss said that despite the adverse effect of the strength of sterling on engineering exports, he was more optimistic about the future.
However, a charge of pounds 14.3m, mainly due to losses on disposals of liquid storage terminals, brought profits down to pounds 29.8m.
Mr Hartiss said the sale of the terminals removed the "potentially serious risk" of environmental liabilities, as all but one of the buyers agreed to assume responsibility for past or future contamination of the sites.
Powell Duffryn's final dividend is being held at 17p, leaving the total payout unchanged at 25p.
filmFilm producers sue Warner Bros for $75m over Hobbit films
sportNapoli 2 Arsenal 0: Gunners must now face either Real Madrid, PSG, Bayern Munich, Atletico Madrid or Barcelona in knock-out stages
Swedish stars ask fans for £195 pledges on crowd-funding website
voicesJust when you thought you could find a man, get married, and have a baby by the age of 35... it turns out you’re too late, says Grace Dent
musicAs Mariah Carey and Noddy Holder rake in the royalties from their classics, why there hasn't been a decent festive hit for 20 years?
theatreAuthor Daniel Rosenthal recalls the mishaps that almost brought the curtain down on the likes of John Gielgud and Diana Rigg
lifeAs the Royal Mail plans to phase out deliveries on two wheels, it's no wonder posties are in a spin
musicThe 21-year-old beat Ella Eyre and Chlöe Howl to win the honour
lifeFull of the joys and want to help your fellow man? December isn't the time to do it
techLuke Blackall reports on precision engineered prams and babygros that monitor your child 24-7
Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute in Soweto
David Cameron explains selfie with Obama and Helle Thorning-Schmidt at Mandela Memorial
French café starts charging extra to rude customers
Krokodil in Mexico? Teenager hospitalised after 'injecting drug into her genitals'
Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
- 1 Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute in Soweto
- 2 John McAfee's $100 'anti-NSA' device: 'this is coming and cannot be stopped'
- 3 French café starts charging extra to rude customers
- 4 Is Facebook making us forget? Study shows that taking pictures ruin memories
- 5 Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
iJobs Money & Business
£77099.84 - £96375.26 per annum + Bonus + Benefits : Harrington Starr: My clie...
£45000 - £60000 per annum + Bonus and Package: Harrington Starr: Trading appli...
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...
£70000 - £90000 per annum + BONUS + BENEFITS: Harrington Starr: A leading mark...