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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.


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.

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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.

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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.

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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.


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If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Thursday 20 June, 2002


Trading Update

20 June 2002

20 June 2002

                                     IMI plc

                                  TRADING UPDATE

As notified in the AGM statement, IMI plc, the major international engineering
group, is today issuing a trading update in advance of its interim results
announcement for the six months to 30 June 2002, which will be published on 9 


General market conditions to date have been much as anticipated with demand
remaining subdued.  However, the lows that some of our businesses experienced in
the fourth quarter of 2001 appear to be behind us.  We continue to benefit from
recent new product introductions.

We took the view going into 2002 that profit improvement this year would come
largely from the reduction in our cost base.  We have pressed ahead with our
restructuring measures and the benefits are now being realised.  We are also
continuing our previously announced policy of reinvesting around half of these
savings to stimulate long term growth.

The operational changes are making sound progress.  The transfer of
manufacturing activities to lower cost parts of the world is going well with
production capacity accelerating at three new plants in Mexico, expansion at our
Chinese facility and work well under way to open two new plants in the Czech

Businesses earmarked for disposal remain in good shape and continue, for the
most part, to trade well.

Cash flow remains sharply in focus and we expect another good cash performance
in the first half of 2002 and a lower interest charge than the same period last

Overall we would expect profit before restructuring and rationalisation costs
for the first half of 2002 to be around 5% lower than last year and well ahead
of the second half of 2001.


Fluid Controls

Our Severe Service valves business is in good health.  Strong new valve
shipments and a growing order intake give us confidence that the continuing
investment in specialist sales engineers will help us develop its undoubted
potential.  Capacity has been expanded by the opening of a new facility in
Tijuana, Mexico and the integration of STI of Italy, purchased earlier in the
year, has gone well.

Although ahead of the fourth quarter of last year, volumes in Fluid Power remain
disappointing and it is expected that sales will be around 7% lower than the
first half of last year.  There are some promising signs of recovery in the US
but the picture elsewhere is mixed.  The cost reduction initiatives are going
well with manufacturing in Mexico up and running and a further reduction in
headcount of around 200 in the year to date.

As expected, Indoor Climate volumes in Germany were again lower.  The downsizing
of the German operations has now been fully negotiated, implementation is
continuing and benefits will materialise in the second half.  Elsewhere, volumes
generally are about level with last year.  We continued to add to our
commissioning capability and purchased a small French service company in June.

Retail Dispense

Volumes in Beverage Dispense were boosted in the US by the roll out of a major
order for new frozen carbonated beverage equipment received late last year, most
of which is now shipped.  Volumes elsewhere were satisfactory in what continues
to be a challenging market.  Margins will not benefit fully from the volume
uplift, with, as fully anticipated, some short term costs and operational
inefficiencies arising from the closure of two US plants and transfer to Mexico
and China; and further investment in our Bevcore parts business.   Benefits
arising from this investment will begin to materialise early next year.

Our Merchandising Systems business has not yet seen any tangible recovery from
the 11 September impact.  Although there is improved quotation activity, many
brand owners and retailers are yet to release advertising and promotional
expenditure.  Nevertheless, we are confident that this business has sound
foundations and continue to look for suitable acquisition opportunities.

Building Products

In Building Products the core pipe businesses within Polypipe have performed
well to date despite some upward pressure on PVC prices.  In Tube and Fittings
the closure of the German manufacturing operations is expected to complete
shortly and the benefits will arise in the second half.   In the UK, volumes in
Fittings have generally held up well but in Tube a rising copper price is
putting pressure on margins.


We said in our statement at the AGM in May that it was too early to judge
whether there would be any volume improvements later in the year, and this
remains the situation.  However, the benefits arising from our restructuring and
rationalisation programme will come through progressively in the second half and
we expect to show progress for the year as a whole.

                                   -  Ends  -

For further information contact:

IMI plc
Graham Truscott, Communications Director                    Tel:  0121 332 2330

Weber Shandwick Square Mile
Ben Padovan / Peter Corbin                                  Tel:  020 7950 2800

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

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