BOC sets a record and looks to buy

GLOBAL gases group BOC today confirmed it will bid for a portfolio of international plants owned by German group Messer Gries-heim as it unveiled record full-year profits.

Chief executive Tony Isaac is interested in getting hold of his German rival's assets in Latin America, Singapore and South Africa to further BOC's global reach.

Although he paid homage to the god of productivity, Isaac basically wants a bigger BOC.

"Improved productivity of both our cost base and asset base remain very important but growth is the real key to our future success. It is a priority and the focus of our attention," he said.

In addition to a recovery in the Asian markets, the welcome turnaround in the steel industry created extra demand for industrial gases.

However, compared with the hive of activity around the world, manufacturing output in Britain remained relatively depressed. Gas sales in the fourth quarter in Britain were flat in tonnage terms.

Group profit before tax and exceptional items was 449.1 million, up 11% on last year after discounting currency fluctuations, on sales of 3.87 billion, up 15%.

Earnings per share rose 11% to 63.58p and the dividend is unchanged at 15.5p.

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