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 14 May, 2004


AGM Statement

14 May 2004

14 May 2004

                         IMI plc Annual General Meeting

                              CHAIRMAN'S STATEMENT

IMI plc, the major international engineering group, is holding its 2004 Annual
General Meeting at 12 noon today. At the meeting Gary Allen, Chairman, will

'When I reported to the Annual General Meeting last year I referred to the
satisfactory progress we were making with our three-year programme of
re-structuring and reshaping IMI.

I am pleased to tell you that we completed a great deal of that programme in
2003. Our cost base is significantly lower than three years ago, partly by
reorganisation and also by major investments in new factories in the Czech
Republic, Mexico and China - they are impressive developments which have
improved our competitive position without diminishing our reputation for quality
and customer service.

We also continued with reshaping our business portfolio by a combination of both
acquisition and divestment, putting IMI in an excellent position for growth.

We have achieved these objectives and at the same time maintained a good level
of operational performance with higher profits and improved the strength of the
balance sheet with another year of substantial cash generation.

Group sales of continuing businesses were £1,565m (2002 : £1,453m), including
£68m from acquisitions. Volumes in the second half were some 5% higher, leaving
the year as a whole around 3% ahead on a like for like basis.

Profit before tax, rationalisation costs, goodwill amortisation and exceptional
items increased by 8.4% to £142.6m (2002 : £131.5m).

Rationalisation costs for the year at £5.7m were at a more normal level compared
to the significant restructuring costs of £32.2m in 2002 and £44.6m in 2001.

The resulting profit before goodwill amortisation, exceptional items and tax was
£136.9m (2002 : £99.3m) and profit before tax at £117.2m (£74.3m) was some 58%
ahead of last year.

Once again all our businesses generated excellent cash with further reductions
in working capital producing operating cash ahead of operating profit for the
third year running. Balance sheet gearing at the year end was 25% (2002 : 33%),
with net borrowings reduced to £136 million (2002 : £173 million).

We gave an update in March on the European Commission's investigations into
copper plumbing tubes and fittings and have no further developments to report.

The Board is recommending the payment of an unchanged final dividend of 9.5p
making a total of 15.5p (2002 : 15.5p) for the year. It was the Board's
intention at the outset to maintain the dividend during the three-year programme
of restructuring and repositioning : our strong cash performance has meant that
our cash cover has been more than adequate throughout. It is the Board's
intention to return to a progressive dividend policy at the earliest appropriate

In view of the Higgs report on corporate governance and the Smith report on the
work and the role of audit committees, both now reflected in the Combined Code,
the role, duties and responsibilities of non-executive directors have been
significantly increased and we will need to strengthen still further the number
of non-executives on the Board.

Turning now to current trading. Encouragingly, the improvement seen in the
second half of last year has continued into the first four months of 2004. Order
books are around 7-8% higher and overall volumes around 5% ahead.

Despite continued pressure from raw material prices and the impact of the
stronger pound on reported profit, we look forward to being able to report good
progress in our interim results statement in September.

In accordance with our usual practice, it is our intention to issue a trading
update on 30 June 2004, which will comment in more detail on current trading'.

                                    - Ends -

For further information contact:

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

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

      Information about IMI plc can be found on the website:

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