黑洞社区

Scott Wilson played down reports the firm was vulnerable to a takeover bid as it posted a 5.3% pre-tax profit dip in its half year results this morning.

Hugh Blackwood, chief executive, told 黑洞社区 the engineer considered itself an 鈥渁cquirer rather than an acquiree鈥� and saw strength in staying independent.

He said: 鈥淲e believe we can add value by remaining independent and most of the people in the market are aware of that.鈥�

However, he refused to say whether or not the firm was in discussions with anyone about a potential takeover.

The comments came as the firm posted better-than-expected results for the six months to 1 November. Group revenue fell 8% to 拢159.3m, down from 拢173.2m last year and adjusted pre-tax profit slipped to 拢10.8m from 拢11.4m in 2008.

Adjusted operating profit increased by 4.1% to 拢12.5m and adjusted operating margin rose to 7.3% from 6.7% last year. The firm has maintained its order book at 拢280m.

The company saw significant growth overseas, with a revenue rise of 16.7% to 拢42.4m. Cash from abroad accounted for 34.6% of turnover and Blackwood said this could rise to 50% within five years.

The thrust overseas is being partly driven by the anticipated decline of the UK public sector, which currently accounts for around 32% of group turnover. Blackwood said: 鈥淲e have been through this before and we don鈥檛 think it will be the end of the world. We are looking to replace some of that revenue with international business.鈥�

Blackwood also refused to rule out further redundancies, though he said he did not expect cost-cutting on the scale seen over the last year. Around 600 staff have been axed in the past twelve months.