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”).

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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.

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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:

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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.

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IMI PLC (IMI)

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Friday 06 May, 2011

IMI PLC

Interim Management Statement

RNS Number : 0639G
IMI PLC
06 May 2011
 



6 May 2011

 

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

Interim Management Statement

 

IMI, the international engineering group, issues the following Interim Management Statement, which covers the period from 1 January to 5 May 2011. 

 

Current trading and Outlook

 

IMI has continued to perform well in the first few months of the year.   Group revenues in the four months to the end of April were up 10% on a reported basis and 6% on an organic basis, after adjusting for the impact of exchange rate movements and excluding Zimmermann & Jansen (Z&J) which was acquired by our Severe Service business at the end of last year. 

 

Our plans to accelerate longer term growth through increased investment in sales and engineering, particularly in emerging economies, are making good progress. Our various initiatives to combat input cost inflation and build on the margin momentum of previous years are continuing to bear fruit.  Overall we expect results in the first half of the year to be well ahead of the same period last year and we remain confident that the Group will continue to make good progress in 2011. 

 

Severe Service

 

Shipments for the first four months of the year were down around 10% on an organic basis due primarily to weak Fossil Power order intake in 2010.  Revenues are expected to be much stronger in May and June reflecting increasing shipments to the Oil and Gas sector so that revenues for the first half should be broadly in line with the first half of 2010.  Activity in the Fossil Power sector is recovering with order intake up 15% in the first four months of the year.  These improving trends are expected to underpin a return to growth in the second half.

 

As previously indicated, first half margins are being impacted by an unfavourable mix of lower margin shipments of Nuclear and Oil & Gas projects. However, margins are expected to improve in the second half.  Z&J is performing well in the first few months of ownership, in line with our expectations. 

 

Fluid Power

 

We have continued to see strong growth in our Fluid Power business, with revenues in the four months to April up 18% compared to the same period last year, on a constant currency basis.  We continue to experience healthy demand in our sector business with the Commercial Vehicle, Energy and Rail sectors growing particularly strongly year to date. 

 

We are continuing to make good progress on transferring production to our lower cost manufacturing centres in China, Mexico and the Czech Republic.  This, together with the higher volumes and effective product margin management, is likely to lead to good progress in first half margins compared to the first half of last year. 

 

Indoor Climate

 

As expected activity levels have strengthened this year, with revenues, on a constant currency basis, over the first four months up 5% on last year.  While the new commercial construction market in Europe remains subdued, we are seeing further good growth in refurbishment activity which continues to benefit from the global move towards more energy efficient buildings. 

 

We are investing heavily in our seminar programme which underpins our knowledge based solutions.   We have a particular focus on increasing this seminar activity outside of our historic core markets in Europe and importantly, year to date, we have seen good revenue growth in both North America and Asia Pacific. 

 

Beverage Dispense

 

Volumes in Beverage Dispense have continued to improve in the first half with revenues to the end of April up around 4% on a constant currency basis over last year.  The North American market continues to be particularly strong and we have seen an improving performance in Continental Europe.     

 

We remain focused on improving the quality of the overall sales mix in Beverage Dispense through a combination of growth in new product sales where we are targeting the smoothies, water, juice and frozen drinks markets and by exiting a number of lower margin, more commoditised product areas.  Consequently we expect first half margins to show further progress over the first half of last year.   

 

Merchandising

 

As expected, Merchandising has seen good revenue growth of 8% in the four months to the end of April compared to the same period last year.  We continue to focus on improving the quality of this business by targeting higher margin project opportunities where we can add more value for customers. 

 

During the early part of the year we opened the In-Vision retail science laboratory in Milwaukee, US.  This now enables us to demonstrate to customers how we can deliver a sales uplift on their most profitable product lines in a state of the art facility using the latest immersive 3D technology. 

 

Financial position

 

The Group continues to be highly cash generative and the balance sheet remains strong.  We expect net debt at the end of the first half, which is traditionally seasonally weaker from a cash generation perspective, to be at approximately the same level as at the end of last year. 

 

IMI will announce its interim financial report for the six months ending 30 June 2011 on 25 August 2011.

 

Board appointments

 

As detailed in the separate announcement released this morning, IMI has appointed Roberto Quarta as a non-executive director with effect from 1 June 2011 and as Chairman with effect from 1 November 2011.  In addition, Sean Toomes, President of the Indoor Climate business, has been appointed to the Board as an executive director with effect from 1 June 2011. 

 

 

Enquiries to:

 

Will Shaw                                            IMI plc                          Tel:      +44 (0)121 717 3712

 

Rollo Head / Clare Hunt                      Finsbury                      Tel:      +44 (0)20 7251 3801

 

 

Cautionary Statement:

 

This announcement contains certain forward-looking statements with respect to the operations, performance and financial condition of the Group.  By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated.  The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and IMI undertakes no obligation to update these forward-looking statements.  Nothing in this interim management statement should be construed as a profit forecast. 

 

Notes to editors:

IMI is a global engineering group focused on the precise control and movement of fluids in critical applications.  It works with leading international companies in over 50 countries to deliver innovative engineering solutions, built around valves and actuators, to address global trends such as clean energy, energy efficiency, healthcare and increasing automation.  Its shares are listed on the London Stock Exchange and it is a member of the FTSE100.  Further information is available at www.imiplc.com.


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