Seafield, the Irish-quoted transport company based in Britain, has announced operating profits on continuing activities of £1,097,000 (€1,392,000) for the year to December 31st, 1998.

The figure represents a two-thirds increase over the corresponding figure for 1997.

Imari, the private Irish transport group, recently took a 5.4 per cent stake in Seafield, triggering speculation that it might mount a takeover bid. Company chairman, Mr Jonathan Glanz, said in a statement accompanying the results that it was the company's belief that the current share price did not reflect the company's value.

He said the company remained committed to paying a dividend "at the very earliest opportunity".

"I look forward to 1999 with optimism and in the hope that the stock market will not be slow in absorbing the effects of the very real transformation that Seafield has undergone over the last couple of years."