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.

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Thursday 22 April, 2010


Interim Management Statement

RNS Number : 5843K
22 April 2010






22 April 2010


IMI plc

("IMI" or "the Group")


Interim Management Statement


IMI's outlook for the first half of 2010 has materially improved since its preliminary results announcement on 4 March and accordingly it has brought forward to today its Interim Management Statement, which now covers the period from 1 January to 21 April 2010. 


Current trading and Outlook

Higher than anticipated volumes in Fluid Power, together with strong margin progression compared to the first half last year, both within Fluid Power and across most of the other business platforms, are expected to deliver earnings per share for the first half, before exceptional items, in the region of 27p-29p (2009 H1: 18.5p) with segmental operating margins of around 15% (2009 H1: 10.9%).  Overall revenues, which are broadly flat in the first quarter on a constant currency basis, are likely to finish the first half 3-4% ahead of last year, with a 25% growth in Fluid Power more than offsetting the expected 11-13% reduction in the later cycle Severe Service business.


Whilst forward visibility is improving, and our customers continue to talk more positively about future investment programmes, macroeconomic conditions remain uncertain, and we remain cautious as to the extent to which this improved momentum can be maintained in the second half.  There is more certainty around margin improvement which is underpinned by a strong programme of cost reduction initiatives, including further transfers of manufacturing to low cost economies.  The results from these programmes to date have been most encouraging.


Severe Service

As anticipated, shipments have been impacted by the lower order intake witnessed in the middle of last year, and we expect first half revenues to be down around 11 - 13% on last year on a constant currency basis.  The higher quotation activity in oil and gas referred to in the preliminary results is, however, now being reflected in orders, which should support an improved position in the second half, and a return to year on year growth in 2011.  First half margins will be impacted by the lower volumes, albeit this has been cushioned to a degree by a number of cost reduction initiatives.  Our new advanced manufacturing facility in the Czech Republic is now operational, and its sister facility, currently under construction in India, is expected to open by the end of the year. 


Fluid Power

As highlighted above, we have continued to see improving momentum in our Fluid Power business, with first half revenues now expected to be around 25% up on last year.  There is increasing evidence that most of the current demand has stemmed from improved end market demand, as opposed to changes in inventory positions, although customers remain naturally cautious as to medium term sustainability.  Within the sectors, the commercial vehicles market has witnessed a strong bounce back from the depressed position last year, and growth year to date in our life sciences business has been most encouraging.  We remain extremely focused on delivering a strong profits drop through on any increase in volumes, with much of the increased demand being met from expanded low cost manufacturing facilities in China, Czech Republic and Mexico.  As a result, first half margins are expected to be materially ahead of last year, approaching the previous peak levels of around 14% experienced in 2008.


Indoor Climate

The increasing demand for more energy efficient buildings and related legislation is continuing to benefit our Indoor Climate business.  The later cycle nature of the business means that revenues, on a constant currency basis, year to date are down around 5%.  The cumulative impact, however, of a number of cost saving initiatives implemented throughout the course of last year mean that first half margins are expected to show a significant improvement over the first half of last year.  We are investing in more customer seminars in North America and China this year to strengthen our position in these attractive long term growth markets.    


Beverage Dispense

Volumes in our Beverage Dispense business are broadly flat year to date reflecting an improvement in demand offset by the impact of our decision to gradually withdraw from some older, lower margin, commodity product lines. This improvement in product mix, together with the benefit from a number of cost initiatives implemented last year, should see a significant uplift in first half margins compared to last year.   We are making good progress with our new products including Viper, our frozen beverage dispenser, and our new energy-efficient coolers.  3Wire, our North American parts business, is also performing well.   



As expected, Merchandising revenues are likely to be down around 10% on a constant currency basis in the first half compared to the first half of 2009.  As with Beverage Dispense this partly reflects our decision to prioritise higher margin, more differentiated product and project opportunities, whilst staging a gradual exit from older, more commoditised product lines.   As a result we are anticipating a material improvement in margins over the first half of last year despite the lower volumes.


Financial position and exchange rates

At the end of March 2010 the Group's net debt was £168m compared to £327m at the end of March 2009 and £172m at the year end. 


If average exchange rates ruling in the first three months of 2010 had been applied to our 2009 full year results it is estimated that both revenue and segmental operating profit would have been around 2% higher. 


IMI will announce its interim results for the period ending 30 June 2010 on 26 August 2010.




IMI plc

Will Shaw                                                          Tel:       0121 717 3712


Weber Shandwick

Nick Oborne                                                      Tel:       020 7067 0700







This information is provided by RNS
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