AFTER a high spending year on acquisitions and capital expenditure the Clondalkin print and packaging group came out very much on the credit side with annual results this week showing pre tax profits surging 22 per cent to a record £22.3 million. The £58 million purchase of Van der Windt in the Netherlands chipped into group results with a six month earnings contribution, adding more than 3p a share to the group's equity value. Group turnover improved 19 per cent to £299 million, with strong cash flows and better margins lifting earnings per share 24 per cent to 38.8p a share. Finance director Derek Scally anticipates further buoyancy in sales this year.

Clondalkin is currently financing debts of £61 million, not excessive given existing cash flows of £27 million per annum. "The banks are still keen to have us in acquisition mode," Mr Scally comments. Shareholders have little to grumble about, with a 10 per cent increase in annual dividends and a share price which surged 20p to a new all time high of 580p.