Global success story for CPS as orders rise 18% in six months

Published on Tuesday 31 August 2010 22:41

RISING business in the food, metals and chemicals industries has helped to swell the order book at Clyde Process Solutions.

The Aim-listed conveyor belt and air filter maker yesterday unveiled an 18 per cent rise in orders, which increased from 20.5 million at its year-end in February to 24.2m on 30 July.

CPS said the growth had been generated from orders secured predominantly in the food, metals, chemicals and petrochemicals markets.

Chief executive Alex Stewart said the company had secured some "excellent breakthrough orders" during the first half of its financial year.

These included the firm's first order in the Chinese cement market, its largest filtration order in Europe and a 1m order in the US to launch its new petrochemicals strategy.

CPS also booked a 1.4m order with mining company Anglo American in Brazil.

Stewart said: "We have made a solid start to our financial year and all our global operations remain focused on securing order intake.

"Economic conditions have improved in recent months and we have developed a healthy sales pipeline of prospects."

Stewart added that first-half trading had been in line with management's expectations and that the focus during the second half would be on "unlocking the potential" in the sales pipeline.

In yesterday's pre-close statement ahead of its interim results, the company said it had also hired more business development staff in the UK, United States, China and Brazil.

Stewart said he expected the new recruits' "personal networks and expertise" to add significantly to the pipeline of orders.

CPS was floated on Aim in July 2006 by chairman Jim McColl. Its subsidiaries are Kansas-based MAC Equipment, whose clients include Pepsi and BASF, and Clyde Materials Handling, which is based in Doncaster, and works with customers including Corus, Procter & Gamble and Lafarge.