AN engineering boss has hit out the the 'dot.com' fever that has hit his firm's share price.

Eric Moore, chairman of Metalrax which owns Peter Ward & Co and George Wilkinson of Burnley, said despite continued success and profits growth the firm's share price had "taken a battering" because engineering firms were out of favour on the stock market.

"For reasons which are far from clear the qualities on which share values have previously been founded are now viewed with disdain, while valuations in the fashionable sectors seem to be less soundly based," said Mr Moore in the firm's annual report.

"While stock market investors have been buying shares in e-commerce companies with little trading or earnings record we have been investing in corporate web sites and other information technology systems to help secure our position at the leading edge of advances in the design, manufacture, installation and marketing group products."

His comments came after the group reported record pre-tax profits last year of £14.23million, up from £14.11million in 1998.

Peter Ward, based on Rossendale Road, manufactures plastic products and George Wilkinson produces Progress bakeware, kitchen gadgets and garden equipment.