Clyde shares dip despite good news on profits and maiden interim divi

Published on Wednesday 26 November 2008 20:12

SCOTS STOCKS

SHARES in Clyde Process Solutions, the material handling specialist chaired by pumps entrepreneur Jim McColl, dipped 0.5p to 39p despite news of a surge in profits and the payment of a maiden interim dividend.

Profit before tax for the six months ended 31 August leapt to 2 million from just 387,000 a year earlier on revenue up 39 per cent to 36.2m. Gross profit was up 49 per cent at 8.9m.

Aim-listed CPS, which earlier this year announced a maiden final dividend of 1.05p, is paying a first interim dividend of 0.75p a share.

McColl said: "We enter the second half of the current financial year with a strong order book and are confident in our long-term growth prospects."

Superglass, the insulation products maker, continued its market rebound, adding a 5.6 per cent gain to Tuesday's 42 per cent surge which followed a reassuring trading outlook. Shares in the Stirling-based outfit closed at 28.5p.

Standard Life eased 11.75p, or 4.3 per cent, to 261.25p as banks and insurers turned cool. Aberdeen Asset Management, on the other hand, edged 1.5p higher to 83.5p.

Rising oil prices helped push Venture Production, the Aberdeen-based energy explorer, up 15.5p to 366.75p, a rise of 4.4 per cent.