SHARES in the Northern Ireland engineering company Powerscreen International reached a new high of 491p sterling yesterday.

The nose in the stock price came after shareholders at the company's annual meeting in London heard an upbeat message from the chairman, Mr John Craig.

The company's share price has increased dramatically during the past 12 months boosting its market value from £331 million to £435.6 million.

Powerscreen, which makes crushing, screening and materials handling equipment, reported a 36 per cent increase in pre tax profits to £36 million in the year to the end of March.

Mr Craig said the first quarter was "ahead of the same period last year" which was Powerscreen's most successful 12 months to date.

Demand has been strong and the company was confident of another profitable year. He said Powerscreen was focussed on organic growth, but would also look at suitable acquisitions.

The company's screening division had started the year well, reflecting a strong demand in the sector, "most noticeably in the recycling industries

Sales in the crushing division were ahead of last year, boosted in part by the British acquisition Pegson which will contribute a full year of sales for the first time this year, he said.

Powerscreen employs 2,200 people worldwide including 1,000 at plants in the North and the Republic. It is listed on the Dublin and London stock exchanges.