HERE's a question worthy of consideration for the business category of Trivial Pursuits. What company is permanently down in the dumps yet can still produce profits running into millions of pounds? The answer is Powerscreen, which manufacturers and sells heavy duty screening machines which filter and recycle waste at landfill sites. Its material handling machinery is used by waste management authorities throughout the world. The screening machines, which cost around £120,000 a unit, also have the pleasing ability to convert garbage into hard cash for the Northern Ireland based engineering group.
With recycling developing into the world's fastest growing market, Powerscreen is surfing the ecological boom and has itself become a green machine churning out consistent annual growth in profitability. Results this week covering the six months to September show that, despite slightly tighter margins, pre-tax profits grew 20 per cent to £20.4 million sterling with turnover improving 25 per cent to £152 million.
Supported by a 19 per cent growth in earnings per share to 17.3p, shareholders receive interim dividends of 2.8p a share, a 12 per cent improvement. Powerscreen, based in Dungannon, is capitalised at £540 million sterling and is the largest publicly-quoted company in the North.