The General Electric Company Plc, currently involved in a controversial UKP1,700m consortium bid with Siemens AG for Plessey Co Plc, yesterday turned in interim profits of UKP313m. The results were at the top end of City analysts’ expectations, the most accurate ironically coming from Morgan Grenfell which yesterday fired its 400-plus market makers and pulled out of that business. The cash-rich giant shelled out UKP130m in the course of the six months: shares were purchased in the National Nuclear Corporation and the Long and Crawford business, while Rank Pullin Controls and Rank Taylor Hobson were acquired. The company’s 50% stake in GEC Plessey Telecommunications Ltd was responsible for UKP20m of group profits, on sales of UKP244m, up from UKP226m last time. Profits at the group’s largest division, electronic systems, were unchanged at UKP77m on sales that rose 8% to UKP887m. Power systems did UKP44m on sales of UKP704m, consumer goods UKP28m on UKP308m, but the biggest mover was at the electronic metrology weighing to you – division, which saw profits rise 110% to UKP321m on sales of UKP162m. According to chairman Lord – Jim – Prior, the first six months of fiscal 1988 saw exports rise 10% to UKP581m, and the order book now exceeds UKP2,000m.
