POWER protection firm Chloride reported results at the top end of expectations yesterday, thanks to a record order book.
The results statement made no mention of last month’s takeover bid by US rivals Emerson, with finance director Neil Warner commenting that “the only thing I can tell you is that we’ve heard no more directly from them”.
Total sales increased by 3 per cent to £336m, with a client base of blue-chip companies more willing to shell out for their range of generators designed to prevent power outages.
Profits fell 25 per cent to £29.9m once one-off costs including a £5.9m restructuring were factored in. Adjusted profits dipped 5 per cent to £41.1m.
Chloride rejected a £723m unsolicited bid from Emerson Electric in April as the board thought it “significantly undervalue[d] the company”.
Emerson declined to comment on the possibility of an additional bid for the firm.