Scottish circuit board maker, Prestwick Holding Plc, has been approached by a potential purchaser, it was revealed on Tuesday. The company was forced to make a statement by the London Stock Exchange following an unusual rise in its shares. Before this announcement, the shares were up 30% since January. A spokesperson for the company, which specializes in manufacturing circuit boards and interconnectors for the automotive industry, confirmed that a tentative approach had been made, but that no face to face talks had yet occurred, and no offer was on the table. The shares immediately leapt 17% to 58 pence on the news. In its last year to July 31, Prestwick turned over 41m pounds with pre-tax profits of 1.9m pounds. Over half of the company’s revenues come from exports, making it vulnerable to the strong pound, but Prestwick’s in-house broker is predicting a 15% growth in earnings for 1998.
