Scott Tech open to acquisitions despite lacklustre year

Scott Tech open to acquisitions despite lacklustre year
Victoria Young
A 20 percent drop in net profit for Scott Technology despite a 24 percent revenue lift is not enough to deter the automation specialist from continued expansion. Last week, the company said net profit for the 12 months to Aug. 31 fell from $10.7 million to $8.6 million, despite revenue being up to $225 million from $182 million the preceding year. A day later, the Overseas Investment Office said it had reached a deal with Scott’s majority owner JBS Australia, after a corruption probe. The OIO said while JBS Australia shareholders Joes...