Powerscreen posts pounds 48m loss

POWERSCREEN International, the troubled Northern Ireland-based engineer, plunged into the red due to a big loss at one of its subsidiaries.

A pounds 50.2m loss at Matbro, the agricultural machinery subsidiary being investigated by the Serious Fraud Office for accounting irregularities, contributed to a pounds 47.6m group loss in the year to the end of March. Last year the company posted a pounds 15.8m profit.