Record orders reported

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Despite a global economic downturn NZX-listed engineering group Cavotec MSL says it has recorded its strongest order book.

Cavotec MSL's order book held at June 30 was [Euro]44.4 million ($NZ94.5m), up 8.7 per cent from a year earlier, on the back of engineering successes in the ports and maritime, airports and general industry sectors. The order total book at June 30, 2007 was [Euro]40.8m.

The New Zealand-listed firm was formed in January 1 in a merger of Dutch-based Cavotec Group and Mooring Systems, started by Christchurch's Peter Montgomery.

Cavotec said the group's annual order intake ended June 30 was [Euro]135.7m, up 5.7%.

"Our strong order book, across a broad range of sectors and markets, gives us reason to remain positive for the coming 12 months and beyond," chief executive Ottonel Popesco said.

Orders won by Cavotec's airports division include a deal with Emirates for 10 tow bars suited to A380s, which can be stored on board the aircraft.

- © Fairfax NZ News