30 August 2011 – interim results

The global engineering group has announced excellent interim results for the six month period to 30 June with revenues rising by over 48% to US$643.5m (2010: US$434.3m).  Pre-tax profits were 49.8% higher at US$37.7m (2010: US$25.2m) with earnings per share coming in at 26.86 US cents (2010: 14.95 cents), an increase of 79.7%.  The strong first half has led to an increase in the interim dividend of 67% as it is raised to 5 US cents (2010: 3 US cents).  The group has started the second half with a strong order book and it expects another period of good trading in the second half so that full year forecasts have been raised again.  The shares remain a BUY.