POWERSCREEN, the Northern Ireland based engineering group, has reported a 16 per cent rise in profits to £42.2 million in the year to the end of March last, despite trading difficulties in Germany and the strength of sterling.

The group's finance director Mr Barry Cosgrove, said the company was pleased with the results and predicted further strong growth.

While the group had flagged a likely poor performance in the German market at the halfyear stage, the surge in the value of sterling on the foreign exchange markets, it estimates, shaved up to £1.2 million off group profits over the last six months of its financial year.

Mr Cosgrove warned that if sterling remains strong over the coming year, the group's profits could be further reduced, by anything up to £2.5 million.

The figures show increased turnover and profits at each of its three divisions with overall group turnover up by 17 per cent to £305 million.