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Growth in income at ClydeUnion owner

CLYDEUNION Pumps owner SPX has seen its net income grow 16% in a year when it made around 160 people redundant in Scotland.

The US corporation said revenue for 2013 dipped 2.4% from $4.83 billion (£2.91bn) to $4.72bn but improved margins saw net income rise from $183.2m to $212.6m.

SPX highlighted an improved fourth quarter performance in its flow technology arm, of which ClydeUnion is a major part.

Revenue between October and December declined 1.1% from $728.2m to $720m but segment income increased from $90.8m to $103.2m. That was attributed to "growth in higher margin aftermarket and component sales and also to reduced costs as a result of restructuring actions completed earlier in the year".

Chris Kearney, chairman of SPX, said he was targeting group revenue growth of between 2% and 6% this year and improvements in margins across all areas, in spite of remaining "cautious" over prospects in the global economy.

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