Confident signs from Chloride

POWER protection firm and bid target Chloride has pointed to clear signs of a recovery in its core markets.

The group, which last month rejected a 723 million unsolicited bid from US industrial giant Emerson Electric, yesterday reported a 5 per cent drop in underlying pre-tax profits to 41.4 million in the year to the end of March.

But it told investors it had performed "resiliently" and gave a confident outlook for the year ahead after orders rose 16 per cent to 160m.

Chloride employs some 2,300 people in 15 countries.