Powerscreen seems to have suffered more than is warranted from the currency and shares turmoil in the Far East. Since the middle of October the share price has fallen by about 13 per cent to around 751p. That followed a rise of 35 per cent for the year to October.

The fall appears to have mirrored the drop in engineering stocks on the British FTSE. But only about 6 per cent of Powerscreen's sales come from the Far East. Its British and US markets are very buoyant though markets in mainland Europe are slower. With a 15 per cent rise in pre-tax profits to £24 million for the six months to end September, healthy order books and strong current trading the fall appears to be overdone. Moffat Engineering, acquired for £23 million in mid-September, was a significant addition to the company's materials handling division and its Dungannon plant is being expanded in a £6.7 million sterling investment. Earnings growth of about 14-18 per cent is forecast for 1998.