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 [email protected] in the first instance.

 Information  X 
Enter a valid email address


  Print      Mail a friend

Friday 19 May, 2000


AGM Statement

19 May 2000

                           CHAIRMAN'S AGM STATEMENT                           

IMI plc, the major international engineering group, held its thirty-eighth
Annual General Meeting at 12 noon today.  At the meeting Sir Eric Pountain,
Chairman, commented:

'In my statement on the preliminary results, I commented that trading
conditions overall improved in the second half of 1999.  I am pleased to
report today that this improvement continued in the first quarter of this

Hydronic Controls benefited from the strengthening of the construction sector
in Germany and the UK, with margins in copper tube and fittings improving. 
Demand for our plastic products remained healthy although recent increases in
polymer costs will take time to be fully recovered.  We made further progress
in thermostatic radiator and balancing valves and continued our growth in
Eastern Europe. 

Drinks Dispense continues to be affected by the weakness in demand which we
referred to in the preliminary results announcement.  Sales in the first
quarter were running around 12% below last year.  However, we look forward to
seeing an improvement in customer expenditure on soft drinks equipment later
in the year.  We were pleased to make further progress in the quick service
restaurant sector helped by the success of new product launches.  Our Cannon
business remained strong. 

Trading conditions for Fluid Power continued to be encouraging across most of
our key sectors.  We increased sales in the first quarter with European demand
further improving and the US remaining buoyant.  We saw further benefits from
the steps we took last year to enhance performance and reduce costs. 

Energy Controls had a satisfactory first quarter and continued to build a
strong order book on the back of increasing power generation investment. 

Returning to 1999, your Board is recommending a final dividend of 9.3p.
raising the total dividend for the year to 15.1p.  In terms of operating
performance, our sales rose by 3.2% to £1.5 billion.  Our profit before
goodwill amortisation and exceptional items, fell by 5% but this was after
charging £13 million on cost reductions and rationalisation measures in
continuing operations.  In addition, we incurred £19 million in exceptional
costs through the closure of copper smelting and the drinks dispense activity
in Brazil.  In March, we disposed of the Marston aerospace businesses for
nearly £17 million.  Our cash flow continued to be strong with free cash flow
of £77 million after the expenditure of £64 million on fixed capital.  We made
significant investments in e-commerce to improve customer service and open new
routes to market. 

These measurements have improved our operating performance and will strengthen
the Group in the longer term.

We also enhanced our growth prospects through the acquisition of Polypipe
which, at £350 million, is IMI's largest acquisition to date.  Polypipe made
an excellent contribution to the Group, with £23 million operating profit on
sales of £191 million in the period from 19 May to the year-end.  The
acquisition of Polypipe further advanced our strategy of adding new products,
materials and market opportunities.  Hydronic Controls now has the plastics
technology and materials expertise needed to develop complementary new systems
and products for plumbing and heating applications.

Since the year-end we have spent around £6 million on a number of small
in-fill acquisitions in Hydronic Controls and Drinks Dispense.

The combination of improved trading conditions and the strategic moves which I
have just described augur well and I remain positive about the prospects for
the future development of the Group.'

Issued by:

Ben Padovan 
Shandwick International                             020 7329 0096


a d v e r t i s e m e n t