Coverage from UK-Analyst3 Sep 2008 14:53
Material handling solutions provider Clyde Process Solution (CPSP) said trading in the six months to August has been "encouraging" and it remains positive on the outlook for the future, helping catapult the shares 10p to 71p. The group said its order book at the end of July 2008 stood at record levels of 34.9 million pounds against 21.4 million pounds at the same point last year. Order intake has been in line with market expectations. In June 2008, Clyde secured a record month of order intake at 9.9 million pounds and expects the majority of this intake to be converted to output by the end of the financial year. Contracts continue to be secured with healthy levels of contribution, it said. "The results generated thus far have provided the Board with confidence that the market-driven strategies being executed across our key customer markets such as steel, cement, food and plastics will provide strong growth moving forward into the second half of the year, which is in line with market expectations," added chief executive Alex Stewart. During the current year (to February 2009) earnings are expected to grow by 7% to 9.7p, putting the shares on a current year rating of 7.3.