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”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

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.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

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.

COOKIES

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.

HOW WE USE INFORMATION

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.

ACCESS TO YOUR INFORMATION AND CORRECTION

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.

WHERE WE STORE YOUR PERSONAL DATA

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.

CHANGES TO OUR PRIVACY POLICY

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.

OTHER WEBSITES

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.

CONTACT

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

 Information  X 
Enter a valid email address

IMI PLC (IMI)

  Print      Mail a friend

Monday 09 November, 2009

IMI PLC

Interim Management Statement

RNS Number : 1771C
IMI PLC
09 November 2009
 
The following amendment has been made to the 'Interim Management Statement' announcement released today at 07:16 under RNS No 1765C.
 
Footnote references have been included after the Balance sheet heading.
 
All other details remain unchanged.
 
The full amended text is shown below.





9 November 2009


IMI plc ("IMI" or "the Group")

INTERIM MANAGEMENT STATEMENT



In expectation that forecast earnings for 2009 are likely to be materially ahead of current consensus, IMI plc has brought forward to today its Interim Management Statement for the period from 1 July to 8 November 2009.


Current trading

The early management actions taken to mitigate the profit impact of lower revenues continue to deliver encouraging results. Selling prices generally remain resilient although we are beginning, as expected, to experience some downward pressure within Severe Service on a number of larger oil & gas projects. Low cost sourcing initiatives and value engineering programs have reduced material prices in the year to date by around 5%. Lower average metal prices have also produced margin benefits, particularly within our Indoor Climate business. Actions to right size the business, and accelerate moves to transfer more production to low cost economies continue to bear fruit and we have brought forward some additional plans scheduled for 2010-2011, which will result in a higher rationalisation charge for the year of around £35m (compared to the £30m indicated at the half year).  


As a result of the success of these various programs, we expect operating margins1 for the second half of the year to be better than previously expected and in excess of 14%. We expect earnings per share for the year as a whole, on an adjusted basis,2 to be in the region of 43p to 45p per share (2008: 54.1p), of which around 2p per share arises from one-off pension curtailment benefits.


Overall levels of demand remain broadly stable, with continuing signs of recovery in Asia, some modest improvement in North America and European markets generally remaining subdued.


Group revenues for the ten month period to the end of October are around 18% lower than the corresponding period in 2008, on a constant currency basis. Six week moving average order intake is around 12% lower than last year, reflecting some modest improvement in Asia and North America, and a weakening comparable in the last quarter of 2008.


The Group's effective tax rate for 2009 is expected to be 30%, one point below the 31% reported for the first half of the year.


Balance sheet

Cashflow remains strong, with debtor day performance at similar levels to last year, despite the difficult economic environment, and inventories having been reduced by nearly 15%. We anticipate operating cash conversion3 in excess of 120% for the full year, and net debt levels (subject to further movement in exchange rates used for valuing year end currency denominated debt) of less than £220m.

 

As previously announced the Group successfully issued $175m of US loan notes in July 2009 with maturities extending to 2019. Following this issue the Group has a balanced portfolio of short and long term loan facilities with considerable headroom to utilise the balance sheet strength as and when acquisition opportunities arise.  

 

1 Operating margin – segmental operating profit as a percentage of segmental revenue.
2 Adjusted earnings per share – before the after tax cost of restructuring, acquired intangible amortisation and financial instruments, excluding economic hedge contract gains and losses.
3 Cash conversion – cash flow from continuing operations as a percentage of segmental operating profit after restructuring costs.


Severe Service

The weakening order intake within Severe Service referred to at the interim results has continued and for the ten months to October is down, on an underlying basis, about 15% on last year. However higher quotation activity should result in a recovery in order intake next year. After market orders remain buoyant which will be positive for margins this year. We were recently successful in securing our largest ever order in the Nuclear sector, worth around £55m over an 8 year period, which bodes well for our longer term aspirations in this space. 


Fluid Power

The business has stabilised since the sharp falls experienced early in the year, with recovery continuing in Asia and signs in the last few weeks of some modest improvement in North America. Volumes in Europe remain at fairly depressed, albeit stable levels. The management actions taken in the early part of the year to protect profitability in this business are having a significant impact. Second half operating margins are expected to recover to around 9% on volumes similar to those in the first half.  


Indoor Climate

The business has continued to enjoy reasonably robust demand, importantly through the key heating season of September to November. Organic revenues year to date are down around 5% on last year. A combination of lower overheads and lower material costs, arising partly from metals hedging arrangements entered into in the first half, continue positively to impact margins which will show strong progression both in the second half and for the year as a whole.  


Beverage Dispense

Volumes within Beverage Dispense remain stable with some improvement in Asia and North America offset by further softness in European markets. Management actions to right size the business will maintain second half margins at broadly the same level as the first half on markedly, and seasonally lower volumes.  


Merchandising

Merchandising volumes for the second half will be substantially lower than last year, reflecting the one off nature of the large grocery order shipped primarily in the third quarter of 2008, and the expected and significant reduction in North American automotive business. Demand in the balance of the business remains resilient however which, together with early management actions to contain cost, will lead to second half margins similar to the equivalent period last year.


IMI plc will be holding a conference call today at 8:30am. Details of the conference call are set out at the bottom of this announcement.  


IMI will announce its Preliminary Results for the year ending 31 December 2009 on 4 March 2010.  



Enquiries to:


IMI plc

Will Shaw                                                       Tel: 0121 717 3712


Weber Shandwick Financial

Nick Oborne / Stephanie Badjonat                Tel: 020 7067 0700






Conference Call Details:


Time:                    8.30am on Monday 9th November, 2009


The conference call id number and telephone numbers for the call are set out below. Please note that the operator will ask for your name and company and we would ask that you dial in at least 5 minutes prior to the call start time. 

 

Participant dial-in details

Conference call Id:                         39308664 

UK Free Call:                                  0800 694 0257   

UK Local Call:                                 0844 493 3800   

UK Standard International:             +44 (0) 1452 555 566   

USA Free Call:                                1866 966 9439

  

If you are unable to attend, a recording of the conference call will be available for playback for 7 days using the numbers below and also available on our website. 


Encore Replay Access Number:    39308664# 

International Dial in:                         +44 (0) 1452 55 00 00

UK Free Call Dial In:                        0800 953 1533

UK Local Dial In:                              0845 245 5205

USA Free Call Dial In:                     1866 247 4222



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