Engineering group Unidare wants further growth following a 28 per cent rise in pre-tax profit.

"Driven in the main by our US operations, we expect to report further growth in sales and profits in the current year," said chairman Mr Jack Hayes. Shares in the Dublin-based company rose by 30 cents to €2.50 following the results for the year to the end of September, which showed profits of €10.9 million (£8.58 million), up from €8.5 million.

The firm had to contend with increased interest costs, including notional interest of €300,000 and amortisation of goodwill associated with the acquisition of Oklahoma Rig and Supply for €10.9 million. But it also benefited from a positive currency translation of €600,000. Adjusted earnings per share rose to 45.80 cents from 30.38 cents. Brokers want an increase to about 48 cents this year.

A final dividend of 18 cents per share has been declared, making a total of 24.5 cents, up marginally from 24 cents in the previous year. The strong dollar had an adverse impact of €5.4 million on net debt. This and an earn-out payment of $5.8 million in respect of the acquisitions of Oklahoma Rig and Supply and Eland pushed the net debt to €32.4 million from €22.5 million.

This brings the gearing up to 55 per cent, but interest cover is a comfortable 6.8 times.

Group sales grew by 64 per cent to €281.1 million from €171.7 million. These benefited from a 12-month contribution from Oklahoma Rig and Supply, compared with just three months in the previous year.

Mr Hayes said the group's development priority continued to be to realise the benefits from the acquisition of Oklahoma Rig and Supply and its integration with the group's other North American businesses.