Robotic on the march in Europe

ROBOTIC Technology Systems has fully digested last summer's 81 million purchase of American industrial robot-maker Wright Industries and is scouring the German engineering sector for a similar-sized deal to increase its presence in Europe, writes James Maclean.

The group, which today appointed former David Brown Group chief executive Christopher Brown as its new non-executive chairman, said it had so far seen no impact from the slowing American economy, despite making about 60% of its sales there.

A 1.3 million loss on the disposal of the group's Finnish mobile phone assembly operation resulted in annual pre-tax profits to 31 December slipping 5% to 4.21 million versus the previous 18-month accounting period.

But the addition of Wright last May helped sales rise a staggering 370% to 107.6 million.

Earnings per share fell 27% to 3.63p and no dividend is paid. The shares fell 22p to 387 1/2p.

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