Bullough shopping list grows

Bullough, the industrial holding company, plans to mark its continuing recovery with further bolt-on acquisitions for its four divisions spanning engineering, refrigeration, heating, and office products. The company, which underwent a heavy restructuring in 1993, has ample scope to make acquisitions, with the gearing ratio on shareholder funds of £71m at 21 per cent.

Direct Refrigeration Services and Trianco Redfyre, the boiler company, were its most recent purchases, costing a total of £11m.

Taxable profits rose from £7.7m to £17.5m in the year to 31 October, but the dividend total is being held at 6.05p, with Bullough keen to build up earnings per share cover to twice the payout.

Gordon Bond, chief executive, expects further progress. "We continue to pursue acquisition opportunities in accordance with our strategy of building the four core divisions," he said.

Analysts expect profits to top £22.5m this year.