SUTER chairman David Abell played his customary straight bat when

asked about the mini-conglomerate's intentions towards engineers James

Wilkes, where a 10.2% stake has now been accumulated.

As the Wilkes price went ahead another 5p to 70p yesterday against the

stake price of just under 50p, there is the usual and predictable

speculation that a bid could be in the offing.

Reluctance to show even one of his minor cards such as the possibility

of selling off the valves side, or add anything to the aftermath of the

DTI investigation which cleared Mr Abell, combined with the Wilkes

situation to drive down Suter's share price 10p to 144p.

The underlying trading results were rather good against the general

economic background.

Group pre-tax profit eased 8.5% to #16.3m, with the pain being seen

largely in distribu-

tion.

The main problems were wholesale commercial refrigeration where France

is just marginally profitable and in hairdresser salon equipment.

The industrial side saw reduced demand for spectacle cases but there

is a nice niche business now developing with the Ford Mondeo, in

mouldings and mud flaps -- altogether some #3m annual turnover is pos-

sible.

The star performance came from chemicals through improved productivity

-- the division benefiting from much of the #29m capital expenditure

over the last three

years.

Gearing at 70% or debt of #31m is high enough, although the more

meaningful ratio of an interest cover of five times is quite consoling.

The dividend total has been held at 8.8p, with a

5.6p final for an 8.1% yield.

A one-for-10 issue of warrants is proposed.