Scott Technology profit up

By ROB O'NEILL

Appliance manufacturing systems developer Scott Technology increased after-tax profit by 17 per cent for the half-year ended February 29.

Operating revenue increased nearly 14 per cent to $14,797,000.

Chairman Graeme Marsh said several major contracts were at an advanced stage, resulting in a short-term increase in work in progress and receivables. Since balance date, $3.8 million in receivables had been collected.

A Dunedin-based public company, Scott Technology designs and builds sophisticated manufacturing lines for pre-enamelled steel appliances. Its clients include General Electric and Frigidaire.

Mr Marsh said that activity in the United States was expected to slow as a cyclical period of high capacity investment came to an end and interest rates rose, but activity in Asia and Europe was looking up.