Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
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  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

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Tuesday 03 July, 2001


Trading Update

3 July 2001

3 July 2001

                                TRADING UPDATE

In line with its announcement at the AGM, IMI plc is today issuing a trading
update in advance of its interim results for the six months to 30 June 2001,
which will be published on 10 September 2001.

Hydronic Controls

In the trading update provided at the AGM in May we referred to the
deteriorating German construction market which continues to weaken. Our sales
of copper tube, fittings and valves to this market are around 20% lower than
the £40m achieved in the first half of last year. Other European markets have
held up reasonably well but are now showing signs of weakness. In Polypipe,
the main Building Products division volumes are similar to last year and
margins have improved. The other Polypipe businesses however, particularly
Civils, hit by the foot and mouth outbreak, and Kitchens and Bathrooms are
finding market conditions difficult with margins continuing to come under

Drinks Dispense

Whilst the much publicised slowdown in the US food service market has dampened
our expectations of a beverage market recovery, equipment volumes are
reasonable, buoyed by a strong performance from recently introduced new
products (both in carbonated and non-carbonated sectors), and continued gains
in market share. European volumes remain slightly ahead of last year, with
good progress in the UK beer sector. Margins continue to benefit from a lower
cost base. Cannon, particularly the POP (point of purchase) business,
continues to grow.

Fluid Power

As previously reported, sales in the US automotive and commercial vehicles
sectors are well down on last year and the general industrial fluid power
market is also lower. Overall US sales which were approximately £60m in the
first half of 2000 will be around 20% lower. Demand in Europe has so far been
ahead of last year but there are now some signs that the slowing US economy is
beginning to affect the confidence of European exporters, particularly in

Energy Controls

The strong demand for our Severe Service Valves continues, with order books at
record levels and sales on a 'like for like' basis in the first half 15% ahead
of last year. With investment in power generation expected to be strong over a
long period this business has very good growth prospects. To take full
advantage of this we have, as indicated in May, increased our resources in
sales and engineering, the costs of which will impact on the margins in the
first half. Margins will improve significantly in the second half of the year.


Overall operating profit before rationalisation costs and goodwill
amortisation is expected to be around 10% lower than the first half of 2000.
Cash generation remains a priority and operating cash flow will be much
improved on last year.

Other matters

Recent press speculation referring to burst pipes in Polypipe is without
foundation. The £25m provision, properly disclosed in the Annual Report and
Accounts, relates to a warranty issue in the Windows division of Polypipe.
This is in respect of products manufactured and supplied prior to the
acquisition of Polypipe by IMI. Litigation against the raw material suppliers
is ongoing. The provision for rectification costs has been thoroughly and
independently assessed and aggregate costs to date incurred are around £6m.

We announced in March that IMI has been visited by the European Commission in
connection with an enquiry into the European copper plumbing and fittings
market. There have been no further developments to report to shareholders.

The strategy review is nearing completion and we will be communicating further
to shareholders in our Interim Report in September. The restructuring
programme announced in March, involving rationalisation costs of £40m for the
year, is proceeding according to plan. Rationalisation costs incurred in the
first half will be around £10-12m compared to £5m in 2000. In January we
purchased BTG for £16m to enhance our Severe Service Valve business and in
June we purchased 80% of Display Technologies for £26m to add to our growing
POP (point of purchase) business. Also in June we sold a number of businesses
in Energy Controls for £55m resulting in an exceptional profit on sale of
around £20m.

                                   - Ends -

IMI plc                                                      Tel: 0121 332 2343
Martin Lamb, Chief Executive
Trevor Slack, Finance Director

Issued by:

Weber Shandwick Worldwide                                    Tel: 020 7329 0096
Ben Padovan