Unidare will concentrate on improving the returns from its existing assets before considering any acquisitions, it told yesterday's annual general meeting in Dublin.

The company's chairman, Mr Jack Hayes, said that, with a strong balance sheet, Unidare should 'soon be well equipped to advance its acquisitive search based on strong platforms'.

Chief executive, Mr Paul Duggan, said sales in both the engineering supplies distribution and engineering products division were ahead of 1997. He said any acquisitions would be of companies directly in these areas. He dismissed some recent reports suggesting Unidare might make a bid for Powerscreen as 'laughable'.