November 4th, 1997: Powerscreen announces pre-tax profits of £23.6 million in the six months to September 30th, 1997.

December 17th, 1997: Company places three million shares, mainly with Irish institutional investors, raising £18 million.

January 27th, 1998: The markets are told accounting irregularities have been discovered at Matbro, that a provision for £46.6 million is being made, and that a £10 million sterling pre-tax loss is now expected for the year to the end of March. The markets had been expecting pre-tax profits of almost £50 million. In Dublin, shares fell from 651p to 294.25p.

February 5th, 1998: Powerscreen shares fall further with news that information about problems at Matbro had been circulating in the industry in November. The Irish Association of Investment Managers seeks a meeting with the Powerscreen chairman, Mr John Craig. Powerscreen sales and marketing director and board member, Mr Patrick Dooey, announces his resignation.

March 27th, 1998: Powerscreen chief executive, Mr Shay McKeown, and finance director, Mr Barry Cosgrove, step down.

May 1st, 1998: Sale of the business of Matbro to US engineering group, John Deere, for £7 million, is confirmed.

May 6th, 1998: British Serious Fraud Office announces investigation into Matbro irregularities