Interim Results
IMI PLC
06 September 2004
6 September 2004
IMI plc 2004 First Half Results
IMI plc, the major international engineering group, today announced its interim
results for the six months ended 30 June 2004.
2004 2003 % change
Sales £801m £780m +2.7
Results before goodwill amortisation
Profit before tax £74.4m £65.9m* +12.9
Adjusted earnings per share 13.9p 12.4p* +12.1
Profit before tax £64.1m £56.4m +13.7
Earnings per share 11.0p 9.7p +13.4
Dividend 6.3p 6.0p +5.0
Net borrowings £152.5m £199.1m
Gearing 27% 37%
Interest cover before goodwill amortisation 17x 13x
* 2003 restated to include rationalisation costs of £2.4m previously shown
separately
• Solid growth in sales and orders
• Margins improving
• Strong earnings growth
• Dividend increased
CHAIRMAN'S STATEMENT
I am pleased to be able to report that the results for the first six months of
2004 further demonstrate the progress we have made in developing our business. A
steady improvement in end markets combined with the benefits arising from the
more customer focused approach has enabled us to report interim profit before
tax and goodwill amortisation of £74.4m, an increase of nearly 13% over last
year. This increase has been achieved despite the negative impact of exchange
rates and increased raw material costs.
All businesses produced organic sales growth except Severe Service where sales
were lower than last year as a result of scheduled shipment timing. Overall on a
like for like basis Group sales increased by 6% and order intake increased by
around 8%.
Our strategy of investing in new product development and key account activity is
continuing to build momentum with leading customers in our chosen markets. The
acquisition of Fluid Automation Systems (FAS) in July, although relatively small
with annual sales of around £20m, fits well with this strategy. FAS adds key
technology and close customer relationships in targeted market sectors within
our Fluid Power business.
Artform, our recent acquisition in Merchandising Systems, performed well in the
period contributing £16m to sales and £2.7m to operating profit.
Cash flow before dividend payments was again positive despite the normal
seasonal working capital outflow. Our balance sheet remains strong with
borrowings of £152m (June 2003: £199m; December 2003: £136m) and gearing at 27%.
DIVIDEND
For the past three years during the period of restructuring we maintained our
dividend. The Board recognises that the dividend is an important element in
total shareholder return and considers that dividend growth should accompany
earnings growth and sound cash management. I am pleased to report that the Board
has decided to increase the interim dividend by 5% to 6.3p (2003: 6.0p).
EUROPEAN COMMISSION ENQUIRY
On Friday 3 September, the European Commission announced the imposition of a
fine of €44.98m on IMI in relation to its former copper tube business, which was
sold in 2002. We await the details of the decision following which we will be in
a position to make an assessment on a possible appeal. Pending receipt of this
information the Board considers it is inappropriate to make a provision in the
interim results. The situation regarding the copper plumbing fittings enquiry is
unchanged, and it is unlikely that any decision will be made before the second
half of 2005.
RESULTS SUMMARY
Sales in continuing businesses were £801m compared to £775m last year.
Businesses acquired in 2003 contributed £18m from the additional months and the
impact of exchange rates on translation reduced sales by £35m.
Reported operating profit (before goodwill amortisation) was £79.2m compared to
£71.6m last year, an increase of 10.6%. Rationalisation costs charged in
arriving at operating profit were £2.3m (2003: £2.4m). Exchange rates on
translation reduced operating profit by £3m and it is estimated that the net
impact of increased raw material prices reduced operating profit by around £4m.
Interest cost at £4.8m (2003: £5.7m) was covered 17 times (2003: 13 times).
Profit before tax (and goodwill amortisation) increased 12.9% to £74.4m (2003:
£65.9m). After goodwill amortisation, profit before tax increased 13.7% to
£64.1m (2003: £56.4m). At constant exchange rates, profit before tax and
goodwill amortisation and profit before tax increased by 18% and 19%
respectively.
The effective tax rate for the year on profit before goodwill amortisation is
expected to be 33%, the same level as for the year 2003.
Adjusted earnings per share (excluding goodwill amortisation) at 13.9p (2003:
12.4p) increased by 12.1% and earnings per share at 11.0p (2003: 9.7p) increased
by 13.4%.
The interim dividend of 6.3p (2003: 6.0p) costing £22.3m (2003: £21.2m) will be
paid on 22 October 2004.
OPERATIONS REVIEW
The following is a review of our business areas for the six months to 30 June
2004. Comparisons are against the first half of 2003 and relate to continuing
operations. Operating profit is stated before goodwill amortisation and 2003
comparatives have been restated to include rationalisation costs previously
shown separately.
FLUID CONTROLS
Sales: £367m (2003: £362m)
Operating Profit: £40.2m (2003: £34.7m)
Severe Service
After adjusting for the impact of exchange rates, sales in our Severe Service
valves business were around 5% lower than the first half of last year. This
largely reflects the profile of customer requirements for shipment dates
especially in respect of new valve projects. Underlying activity remains healthy
with order intake running around 10% higher than in 2003 and a high proportion
of the order book scheduled for delivery beyond 2004. Valve order growth is
continuing to come from new construction power outside the US, particularly in
Asia, and from a still buoyant gas market. Customer service orders remain
strong. Actions to ensure that the operational efficiencies keep pace with the
growth are making good progress. Although reported operating profit of £7.7m
(2003: £8.1m) was lower as a result of the lower shipments, margins have
improved.
Fluid Power
Volumes in Fluid Power have continued the momentum seen in 2003 and overall
volumes for the first half were around 8% higher than the same period last year.
This growth is coming from both an improvement in end markets and market share
gains in our key targeted sectors which were around 15% ahead of last year.
Geographically, the US and Asian markets were particularly strong; the UK and
Germany began to show some signs of improvement but elsewhere in Europe the
markets remained subdued.
Transfer of production to our lower cost operations is accelerating and savings
from the restructuring are showing through. Cost reduction measures continue and
rationalisation costs of £1.7m (2003: £1.9m) have been charged in the first
half.
Operating profit has increased by 34% to £20.8m (2003: £15.5m) and margins
improved to 9.7% (2003: 7.6%).
Indoor Climate
The recovery seen in the second half of 2003 continued into 2004 with sales of
both thermostatic radiator valves (TRV) and balancing valves ahead of last year.
TRV sales in the German market maintained their gradual recovery; sales of
balancing valves have increased in most of the European markets and sales
generally in Eastern Europe continued to show strong growth. Rising metal prices
continued to place pressure on margins however, and selling price increases
announced for implementation in July have brought forward some shipments into
June. The impact of raw material costs and the US$ exchange rate on transactions
has reduced profit by around £1m. Nevertheless, profit increased by 5% to £11.7m
(2003: £11.1m).
RETAIL DISPENSE
Sales: £234m (2003: £222m)
Operating Profit: £22.5m (2003: £18.7m)
Beverage Dispense
Our Beverage Dispense business is showing encouraging signs in both underlying
market demand and improving operational efficiencies. Overall volumes were
around 3% ahead of last year. A strengthening economy and improved restaurant
traffic in the US provided the impetus for increased brand owner and food
service sector business. We continue to benefit from recent new products with
the Lipton iced tea dispenser again showing good growth. In Europe the pick up
in demand in the second half of last year moderately increased. Volumes of beer
dispensers in the UK were lower, as expected, after two very good years of
growth. Asia is showing good demand in most areas. Operational performance at
our Mexican facility is now closer to planned levels and further product
transfer will be made in coming months. A strong focus on achieving material
cost savings could not mitigate the impact of increased steel prices which
reduced profit by almost £1m. Translation of US profit reduced reported results
by around £0.8m. Despite this operating profits improved 5% to £13.0m (2003:
£12.4m) and margins improved to 9.2% (2003: 8.3%).
Merchandising Systems
The strong performance of our Merchandising Systems business in the second half
of 2003 continued into 2004. Trading remained encouraging with several large
orders shipped. Activity in our traditional Cannon business continues to grow
but margins are being impacted by the significant increase in steel prices.
Display Technologies is ahead of last year with good volumes in both the
beverage and bulk food display systems. DCI had another very good period with
custom Point of Purchase sales and the automotive sector prominent. First half
sales were somewhat flattered by the Scion (Toyota) programme where significant
shipments planned for third quarter of the year were brought forward into June
by customer requirements. Artform, acquired in October 2003, traded well and has
contributed £16m sales and £2.7m operating profit for the period.
Excluding Artform, reported operating profits increased by 8% despite the impact
of raw material prices and the adverse effect of the US$ on translated profits.
Including Artform operating profit was £9.5m (2003: £6.3m).
BUILDING PRODUCTS
Sales: £200m (2003: £191m)
Operating Profit: £16.5m (2003: £18.2m)
Volumes in the core Building Products business of Polypipe were around 5% ahead
of last year and order books remain healthy reflecting continued good UK demand
for building materials. Elsewhere in Polypipe the picture is still patchy with
Doors and Windows and Leisure Products suffering reduced demand, the European
operations winning new business and new product launches in Civils going well.
The major pressure on the Polypipe businesses is raw material prices and in
particular PVC. The average price of PVC in the first half of 2004 was 25%
higher than in the first half of 2003. Operational management are taking action
to mitigate the impact on margins but inevitably operating profits have suffered
and at £16.5m were some 9% lower than last year.
OUTLOOK
Raw material price inflation is continuing to impact costs and margins. The
positive trend in underlying demand, however, should underpin progress in the
second half.
GROUP PROFIT AND LOSS ACCOUNT
------------------------------------------------------------------------------------------------------------------------
6 months to 30 June 6 months to 30 June Year to 31 December
2004 2003 2003
Before Before Before
goodwill Goodwill goodwill goodwill
amortisation amortisation Total amortisation Total amortisation Total
restated* restated*
Notes £m £m £m £m £m £m £m
Turnover 1
Total continuing
operations 801 801 775 775 1565 1565
Discontinued operations - - 5 5 8 8
------------------------------------------------------------------------------------------
Total turnover 801 801 780 780 1573 1573
Operating profit 1
Total continuing
operations 79.2 (10.3) 68.9 71.6 62.1 147.8 128.1
Discontinued operations - - - - - - -
------------------------------------------------------------------------------------------
Profit before interest 79.2 (10.3) 68.9 71.6 62.1 147.8 128.1
Net interest payable (4.8) (4.8) (5.7) (5.7) (10.9) (10.9)
------------------------------------------------------------------------------------------
Profit on ordinary activites
before taxation 74.4 (10.3) 64.1 65.9 56.4 136.9 117.2
Tax on profit 2 (24.5) (24.5) (21.7) (21.7) (45.2) (45.2)
------------------------------------------------------------------------------------------
Profit on ordinary activites
after taxation 49.9 (10.3) 39.6 44.2 34.7 91.7 72.0
Equity minority interests (0.8) (0.8) (0.5) (0.5) (1.0) (1.0)
------------------------------------------------------------------------------------------
Profit for the period 49.1 (10.3) 38.8 43.7 34.2 90.7 71.0
--------------------------- ---------- ----------
Dividends paid and
proposed 3 (22.3) (21.2) (54.8)
--------- --------- ---------
Transfer to reserves 16.5 13.0 16.2
--------- --------- ---------
Adjusted earnings
per share 4 13.9p 12.4p 25.7p
Earnings per share 4 11.0p 9.7p 20.1p
Diluted earnings per
share 4 10.9p 9.7p 20.1p
* 2003 restated to include rationalisation costs of £2.4m for the six months and £5.7m for the twelve months previously
shown separately
GROUP BALANCE SHEET
--------------------------------------------------------------------------------
30 June 30 June 31 December
2004 2003 2003
£m £m £m
-------------------------------------
Fixed assets
Intangible assets 306.7 304.8 317.9
Tangible assets 280.4 309.9 292.6
-------------------------------------
587.1 614.7 610.5
-------------------------------------
Current assets
Stocks 251.9 263.3 243.3
Debtors 362.5 334.2 304.4
Investments 8.3 8.2 8.2
Cash and deposits 87.7 70.7 81.3
-------------------------------------
710.4 676.4 637.2
Creditors:
amounts falling due within one year
Borrowings and finance leases (98.8) (78.9) (76.7)
Other creditors (394.5) (381.3) (379.6)
(493.3) (460.2) (456.3)
-------------------------------------
Net current assets 217.1 216.2 180.9
-------------------------------------
Total assets less current liabilities 804.2 830.9 791.4
-------------------------------------
Creditors:
amounts falling due after more than one year
Borrowings and finance leases (141.4) (190.9) (140.9)
Other creditors (29.0) (27.8) (31.4)
(170.4) (218.7) (172.3)
Provisions for liabilities and charges (71.3) (72.3) (76.1)
-------------------------------------
Net assets 562.5 539.9 543.0
-------------------------------------
Capital and reserves
Called up share capital 88.5 88.2 88.3
Share premium account 138.3 135.2 136.5
Revaluation reserve 1.0 1.0 1.0
Other reserves 1.6 1.6 1.6
Profit and loss account 329.0 310.6 312.0
-------------------------------------
Equity shareholders' funds 558.4 536.6 539.4
-------------------------------------
Minority interests 4.1 3.3 3.6
-------------------------------------
562.5 539.9 543.0
-------------------------------------
GROUP CASH FLOW STATEMENT
--------------------------------------------------------------------------------
6 months to 6 months to Year to
30 June 30 June 31 December
2004 2003 2003
£m £m £m
-------------------------------------------
Reconciliation of operating profit to net
cash inflow from operating activities
Operating profit 68.9 62.1 128.1
Depreciation/amortisation 39.0 41.5 85.8
Stocks (increase)/decrease (13.0) 1.2 20.9
Debtors (increase)/decrease (61.8) (35.4) 2.7
Creditors and provisions increase /
(decrease) 27.8 3.2 (6.5)
-------------------------------------------
Net cash inflow from operating activities 60.9 72.6 231.0
-------------------------------------------
CASH FLOW STATEMENT
Net cash inflow from operating activities 60.9 72.6 231.0
Return on investments and servicing of finance (4.8) (6.1) (11.8)
Taxation (28.0) (12.2) (41.5)
Capital expenditure and financial investment (20.0) (23.5) (36.0)
Acquisitions and disposals (1.4) (14.9) (56.0)
Equity dividends paid (33.6) (33.5) (54.7)
-------------------------------------------
Cash flow before use of liquid resources
and financing (26.9) (17.6) 31.0
Management of liquid resources (26.6) (9.4) 4.5
Financing
Issue of ordinary shares 2.0 1.2 2.5
Increase/(decrease) in borrowings 28.9 21.8 (35.1)
-------------------------------------------
30.9 23.0 (32.6)
-------------------------------------------
(Decrease)/increase in cash in the period (22.6) (4.0) 2.9
-------------------------------------------
Reconciliation of net cash to movement
in net borrowings
(Decrease)/increase in cash in the period (22.6) (4.0) 2.9
Cash (inflow)/outflow from borrowings (28.9) (21.8) 35.1
Cash outflow/(inflow) from movement in
liquid resources 26.6 9.4 (4.5)
-------------------------------------------
Change in borrowings resulting from
cash flows (24.9) (16.4) 33.5
Currency translation differences 8.7 (9.2) 3.7
-------------------------------------------
Movement in net borrowings in the period (16.2) (25.6) 37.2
Net borrowings at start of period (136.3) (173.5) (173.5)
-------------------------------------------
Net borrowings at end of period (152.5) (199.1) (136.3)
-------------------------------------------
STATEMENT OF GROUP TOTAL RECOGNISED GAINS AND LOSSES
--------------------------------------------------------------------------------
6 months 6 months Year to
to 30 June to 30 June 31 December
2004 2003 2003
£m £m £m
------------------------------------------------
Profit for the period 38.8 34.2 71.0
Currency translation differences 0.5 (5.4) (7.2)
------------------------------------------------
Total recognised gains and losses
for the period 39.3 28.8 63.8
------------------------------------------------
GROUP HISTORICAL COST PROFITS AND LOSSES
--------------------------------------------------------------------------------
There is no material difference between the profit before taxation and the
retained profit for each period as shown in the Group profit and loss account
and their historical cost equivalent.
RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS' FUNDS
--------------------------------------------------------------------------------
6 months 6 months Year to
to 30 June to 30 June 31 December
2004 2003 2003
£m £m £m
------------------------------------------------
Profit for the period 38.8 34.2 71.0
Dividends (22.3) (21.2) (54.8)
------------------------------------------------
16.5 13.0 16.2
Other recognised gains and losses
relating to the period 0.5 (5.4) (7.3)
New ordinary share capital issued 2.0 1.1 2.6
------------------------------------------------
Net increase in shareholders' funds
for the period 19.0 8.7 11.5
Shareholders' funds at start of period 539.4 527.9 527.9
------------------------------------------------
Shareholders' funds at end of period 558.4 536.6 539.4
------------------------------------------------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Segmental Analysis
Turnover Operating Profit Operating Assets
--------------------------------------------------------------------------------------
6 mths 6 mths Year 6 mths 6 mths Year 6 mths 6 mths Year
to to to to to to to to to
30 30 31 30 30 31 30 30 31
June June Dec June June Dec June June Dec
2004 2003 2003 2004 2003 2003 2004 2003 2003
£m £m £m £m £m £m £m £m £m
--------------------------------------------------------------------------------------
(i) by activity:
before goodwill amortisation restated* restated*
Fluid Controls 367 362 747 40.2 34.7 75.1 221 237 210
Severe Service 71 80 168 7.7 8.1 20.3 33 29 34
Fluid Power 214 205 410 20.8 15.5 31.0 147 171 145
Indoor Climate 82 77 169 11.7 11.1 23.8 41 37 31
Retail Dispense 234 222 448 22.5 18.7 39.7 103 123 105
Beverage Dispense 142 149 278 13.0 12.4 21.5 67 95 74
Merchandising Systems 92 73 170 9.5 6.3 18.2 36 28 31
Building Products 200 191 370 16.5 18.2 33.0 146 142 125
--------------------------------------------------------------------------------------
Total continuing operations 801 775 1565 79.2 71.6 147.8 470 502 440
--------------------------------------------------------------------------------------
* 2003 restated to include rationalisation costs previously shown separately
after goodwill amortisation
Fluid Controls 38.8 33.3 72.2
Severe Service 7.3 7.3 19.5
Fluid Power 20.4 15.5 30.1
Indoor Climate 11.1 10.5 22.6
Retail Dispense 20.4 17.6 36.9
Beverage Dispense 12.9 12.4 21.2
Merchandising Systems 7.5 5.2 15.7
Building Products 9.7 11.2 19.0
-------------------------------
Total continuing operations 68.9 62.1 128.1
-------------------------------
(ii) by geographical origin:
after goodwill amortisation
UK 257 234 464 13.1 15.6 27.0 163 148 152
Rest of Europe 265 258 531 32.2 29.7 60.6 176 199 161
The Americas 246 254 510 20.0 14.6 34.9 116 138 114
Asia/Pacific 33 29 60 3.6 2.2 5.6 15 17 13
--------------------------------------------------------------------------------------
Total continuing operations 801 775 1565 68.9 62.1 128.1 470 502 440
--------------------------------------------------------------------------------------
(iii) turnover by geographical destination:
6 mths 6 mths Year
to to to
30 30 31
June June Dec
2004 2003 2003
£m £m £m
--------------------------------
UK 231 217 424
Germany 94 90 185
Rest of Europe 182 169 345
USA 217 222 447
Asia/Pacific 50 45 101
Rest of World 27 32 63
--------------------------------
Total continuing operations 801 775 1565
--------------------------------
Discontinued
Amounts shown for discontinued operations in 2003 relate to the air-conditioning
business which was sold in November 2003. This business was previously reported
within Building Products and UK.
2. Taxation
The effective tax rate for the year on profit before goodwill amortisation and
exceptional items is expected to be around 33% (year 2003: 33%).
3. Dividends
The Directors have declared an interim dividend for the current year of 6.3p per
share (2003: 6.0p) which will be paid on 22 October 2004 to shareholders on the
register on 17 September 2004.
4. Earnings per share
The weighted average number of shares in issue during the period was 353.6m,
356.1m diluted for the effect of outstanding share options (six months to 30
June 2003: 352.4m, 353.2m diluted). Earnings per share have been calculated on
earnings of £38.8m (2003: £34.2m).
The Directors consider that adjusted earnings per share figures, using earnings
as calculated below, give a more meaningful indication of the underlying
performance.
6 months to 6 months to Year to
30 June 2004 30 June 2003 31 Dec 2003
£m £m £m
--------------------------------------------
Profit for the period 38.8 34.2 71.0
Goodwill amortisation 10.3 9.5 19.7
--------------------------------------------
Earnings for adjusted EPS 49.1 43.7 90.7
--------------------------------------------
Rationalisation is now included as a normal operating cost whereas it was
previously excluded from adjusted earnings per share. 2003 figures have been
restated accordingly.
5. Exchange rates
The profit and loss accounts of overseas subsidiaries are translated into
sterling at average rates of exchange for the period, balance sheets are
translated at period end rates. The main currencies are:
Average period rates Balance sheet rates
------------------------------ -------------------------
6 months to 30 June Year 30 June 30 June 31 Dec
2004 2003 2003 2004 2003 2003
----- ----- ------ ------ ------ ------
Euro 1.48 1.46 1.44 1.49 1.44 1.42
US Dollar 1.82 1.61 1.64 1.81 1.65 1.79
6. European Commission enquiry
The European Commission is investigating allegations of anti-competitive
behaviour among certain manufacturers of copper tube and copper fittings.
Notwithstanding IMI's disposals of its copper tube and copper fittings
businesses, it retains responsibility in relation to the European Commission's
investigations in respect of those businesses.
On Friday 3 September, the European Commission announced a fine of €44.98m on
IMI in relation to its former copper tube business. Until the details of the
decision are received the Company is not in a position to make an assessment on
a possible appeal. The situation regarding the copper plumbing fittings enquiry
is unchanged, and it is unlikely that any decision will be made before the
second half of 2005. At this date it is not possible to make a reliable estimate
of the liability in either case and no provision has been made in the interim
results.
7. Financial information
This interim statement has been reviewed by the Group's auditors having regard
to the bulletin Review of interim financial information, issued by the Auditing
Practices Board. A copy of their unqualified review opinion is attached.
The comparative figures for the year ended 31 December 2003 are not the
Company's statutory accounts for that financial year. Those accounts have been
reported on by the Company's auditors and delivered to the Registrar of
Companies. The report of the auditors was unqualified and did not contain a
statement under Section 237(2) or (3) of the Companies Act 1985.
The Interim Report will be posted to shareholders on 10 September 2004 and will
be available from the same date at the Company's registered office, Lakeside,
Solihull Parkway, Birmingham Business Park, Birmingham, B37 7XZ.
NEXT TRADING ANNOUNCEMENT
Our next trading update will be issued on 17 December 2004.
Enquiries to:
Graham Truscott - Communications Director - Tel: 0121 717 3712
Press release available on the internet at www.imiplc.com
Issued by:
Nick Oborne - Weber Shandwick Square Mile - Tel: 0207 067 0700
Independent review report by KPMG Audit Plc to IMI plc
Introduction
We have been engaged by the Company to review the financial information set out
on pages 6 to 12 and we have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the Company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company for
our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules which require that the accounting policies and presentation applied to the
interim figures should be consistent with those applied in preparing the
preceding annual accounts except where they are to be changed in the next annual
accounts in which case any changes, and the reasons for them, are to be
disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/
4: Review of interim financial information issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of Group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review is substantially less
in scope than an audit performed in accordance with Auditing Standards and
therefore provides a lower level of assurance than an audit. Accordingly we do
not express an audit opinion on the financial information.
European Commission enquiry
In arriving at our review conclusion, we have considered the appropriateness of
disclosures made in note 6 to the Interim Report regarding the contingent
liabilities of the Group concerning the European Commission's investigation into
allegations of anti-competitive behaviour among certain manufacturers of copper
tube. In view of the significance of these uncertainties, we consider that they
should be drawn to your attention but our review conclusion is not qualified in
this respect.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2004.
KPMG Audit Plc
Chartered Accountants
Birmingham
6 September 2004
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