UK-based UPS maker Chloride released preliminary financial results for the full year ended March 31 on Monday, reporting a three percent increase in sales and a five-percent drop in pre-tax profits from the previous year. The company is being aggressively pursued by the US maker of industrial electrical equipment Emerson, which has made an offer to buy the company directly to its shareholders after having two offers rejected by the Chloride board of directors.

Chloride's earnings for the year were ┬ú336m and its pre-tax profit was ┬ú41.4m. Adjusted earnings per share were 11p ÔÇô down from 11.5p in the previous year.

"Looking to the year ahead, (Chloride) is very well positioned t benefit from decisions taken over the last two to three years and, in particular, the measures taken to develop the service business and reduce costs whilst continuing with the strategic development of (Chloride)," company Chief Executive Tim Cobbold said in a statement.

"Longer term, we will continue to execute our proven strategy, make further careful investments to access high-growth potential markets and develop the technology and services that meet the demands of our customers. Accordingly, the board is confident that the long-term prospects for the group are very attractive."

Chloride executives did not mention Emerson in their statements on the yearly earnings.

In April, Emerson offered 275p per share ÔÇô about ┬ú723m total ÔÇô to buy the company. The board rejected the offer, even though it was 5p per share higher than the unfruitful 2008 offer Emerson made in 2008. Following the second rejection, the US company went over the Chloride board and made the same offer directly to the company's shareholders in April, according to a Financial Times report. Results of this offer have yet to be publicized.

Emerson spokesperson did not return a phone call seeking comment in time for publication.