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;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • 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.

 Information  X 
Enter a valid email address


  Print      Mail a friend

Friday 19 December, 2003


Trading Update

19 December 2003

                                                                19 December 2003
                                     IMI plc


Trading Update

In accordance with its normal practice, IMI plc is today issuing a trading
update in advance of its preliminary results announcement for the twelve months
ending 31 December 2003, due to be published on 8 March 2004.

Overall, on a like for like basis, sales for the second half of the year are
expected to be around 3% higher than last year. With the first half similar to
last year on the same basis, this would result in the year being 2% ahead.

Whilst not uniform across all our businesses, there are signs of a modest
improvement in underlying end markets. Fluid Power is beginning to build
momentum in order intake in the US. The positive trend reported in September in
Merchandising Systems has continued, and in Indoor Climate, the decline in sales
in the German market is showing some signs of abating. The growth arising from
the investment made in Severe Service has continued. In Beverage Dispense the
food-service sector remains difficult and, despite another healthy contribution
from new products, second half sales will be lower than last year. Polypipe's
core pipes business remains steady.

Operating profit will be ahead of last year and with lower interest costs it is
expected that profit, before rationalisation costs, goodwill amortisation,
exceptional items and tax, will be in the range £136m-£140m compared to £131.5m
in 2002, which included a £5m pension credit.

Rationalisation costs for the year should be less than £7m (2002: £32m).

Cash generation remains healthy and, after corporate activity and exchange rate
changes, year-end borrowings will be similar to last year.

Movements in average exchange rates in 2003 will not have a significant impact
on the overall reported results. If the current spot rates of exchange for the
US dollar and the Euro had applied throughout 2003, the translation effect would
be to reduce profits by around £3m.

We reported in September that we received a Statement of Objections in respect
of copper plumbing tube from the European Commission setting out complaints of
alleged anti-competitive practices among a number of parties including IMI. The
Commission's investigation is expected to result in a fine during the first half
of 2004. As regards the Commission's investigation in respect of copper plumbing
fittings, a Statement of Objections is expected within the next twelve months
with a decision on any possible fine likely to be made by the Commission in late
2004/early 2005. We continue to co-operate with the Commission in respect of
both investigations. IMI disposed of its copper plumbing tube and fittings
businesses during 2002 but retains responsibility for these investigations and
any resulting fines. It is not possible to give any reliable indication of the
likely level of fines.

2003 has seen a continuation of the improvement brought about by our
repositioning and we will end the year with a strong balance sheet. If the
recent improvement in general economic conditions gathers momentum, this should
provide added opportunity to make further progress. The management changes
referred to below will help us in the next stage of the long term development
and growth of IMI.

Management changes

The following management changes will take effect in March 2004:

David Nicholas will join the Board as Executive Director with responsibility for
Fluid Controls, which comprises IMI's Fluid Power, Indoor Climate and Severe
Service businesses. Aged 54, he will be based in the UK and report to Martin
Lamb. He is currently Managing Director of Tyco Flow Control Europe and has
extensive experience in managing engineering businesses.

Wayne Whitney will join the Board as Executive Director with responsibility for
Retail Dispense, which comprises IMI's Beverage Dispense and Merchandising
Systems businesses. He joined IMI in 1987 and held a number of operational
management positions before becoming President of Merchandising Systems in 2001
and, in October 2003, President of the wider Retail Dispense businesses. Aged
54, he will continue to reside in the USA and report to Martin Lamb.

Barry Pointon, having served on the Board for 9 years and significantly
contributed to the recent restructuring of IMI, has decided to retire at the age
of 57.

Martin Lamb, Chief Executive, will assume direct responsibility for major
business development initiatives, including mergers and acquisitions, innovation
and emerging markets.

Trevor Slack continues in his role as Finance Director.

Commenting on the changes, Gary Allen, Chairman, said:

'The changes announced today strengthen the executive team and will enable
Martin Lamb to focus on the strategic development of the Group with strong
operational and financial support.

In the past three years Barry Pointon has played a key role in IMI's corporate
activity and the move to lower cost manufacturing and I thank him for his 22
years' service in the Group.

We have largely completed the first phase of our repositioning programme
announced in 2001. The need now is to drive forward with the development of
IMI's businesses and realise the growth potential within them.'

                                    - ends -

Information about IMI plc can be found on the website:

For further information contact:

IMI plc
Graham Truscott, Communications Director                  Tel: 0121 717 3712

Weber Shandwick Square Mile
Nick Oborne / Peter Corbin                                Tel: 020 7067 0700

Note to editors:

IMI plc is a dynamic international engineering business specialising in
innovative solutions and services for a wide range of industrial and retail
customers. Its future growth is being built on the two business areas of Fluid
Controls and Retail Dispense.

IMI's operations in these two business areas share the following core
characteristics: strong market positions in growing markets; the ability to be
clearly differentiated from their competitors through technological innovation
or after-sales service; and the provision of 'added value' through bespoke
solutions rather than a high manufacturing or material content.

IMI is quoted on the London Stock Exchange and is capitalised at approximately

                      This information is provided by RNS
            The company news service from the London Stock Exchange