Tomkins Year End Trading Update, Change of Accounting Reference Date & Introduction of Quarterly Reporting.Business Editors LONDON--(BUSINESS WIRE)--May 17, 2002 Tomkins PLC (NYSE NYSE See: New York Stock Exchange : TKS TKS Thanks TKS Tokushima, Japan - Tokushima (Airport Code) TKS Time Keeping System (GPS) TKS Target Kill Simulator TKS The Knox School (Victoria, Australia) ), the global engineering group, today announced the following update on trading in the second half of its financial year ahead of the announcement of preliminary results for the year ended April 30, 2002 on June 27, 2002: "The group continued to trade satisfactorily in the second half of the financial year against a background of mixed market conditions. The results for the year ended April 30, 2002 are therefore expected to be in line with current market expectations. The Group has also continued to experience strong positive net cash flow in the second half. In Industrial & Automotive, sales to automotive manufacturers remained robust due to higher than expected vehicle sales in the period. Sales to the automotive aftermarket were affected slightly by the mild winter weather in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The industrial original equipment markets and replacement markets remained depressed although there have been some recent signs of an improvement in order levels. In Air Systems Components, sales into the US residential housing market remained strong. Conditions in the US industrial and commercial construction markets were weak with no signs of any significant upturn in construction spending Construction Spending An economic indicator that measures the amount of spending towards new construction. Released monthly by the U.S. Department of Commerce's Census Bureau, it looks at residential and non-residential construction in the private sector, and state and federal at in the near term. In Engineered & Construction Products, the strong residential housing market and some slight improvement in the manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected and the recreational vehicles markets contributed to good performances in the bathware and the doors and windows Doors and Windows is a multimedia disk by the Irish band The Cranberries. Track listing
A number of strategic reorganization projects have been initiated in the second half, mainly within the Industrial & Automotive business group. The costs provided this year in respect of these projects, together with the closure of the Dunstable wipers
The Wipers were a punk rock group formed in Portland, Oregon in 1977 by guitarist Greg Sage, drummer Sam Henry and bassist Dave Koupal. facility mentioned in the interim statement, gave rise to exceptional charges against operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of approximately ?27 million." Change of accounting reference date and introduction of quarterly reporting We have decided to change the company's accounting reference date from April 30 to December 31 to align it with the accounting reference dates of our major global competitors and with the calendar year periods used for economic and other statistical data in respect of our major markets. This change will be accomplished by using an eight month accounting period from May 1, 2002 to December 31, 2002 and adopting calendar year reporting thereafter. We have also decided to introduce quarterly reporting with effect from the year ending December 31, 2003, commencing with the three month period to March 31, 2003. From that period onward, the Group's results will be reported in sterling under UK Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and also in US dollars under US Generally Accepted Accounting Principles. The effects of these changes on the company's reporting, dividend payment and Annual General Meeting schedules are as follows: Reporting schedule - The 2002 AGM will be held on September 6, 2002. - The 2003 AGM will be held during late April/early May 2003. - Thereafter the AGM will be held in late April/early May of each year. Dividend payment schedule It is intended that the current practice of interim and final dividends will be maintained with some transitional arrangements for the eight month accounting period from May 1, 2002 to December 31, 2002 to ensure that shareholders are not disadvantaged by the change. It is currently our intention that: - The 2002 AGM will be held on September 6, 2002. - The 2003 AGM will be held during late April/early May 2003. - Thereafter the AGM will be held in late April/early May of each year. Annual General Meeting schedule - The 2002 AGM will be held on September 6, 2002. - The 2003 AGM will be held during late April/early May 2003. - Thereafter the AGM will be held in late April/early May of each year. Tomkins is a UK-based world class global engineering and manufacturing group with market and technical leadership across three businesses: Air Systems Components, Engineered & Construction Products and Industrial & Automotive. Tomkins ordinary shares are listed on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. under the symbol TOMK and also trade in ADR ADR - Astra Digital Radio form (each equal to four ordinary shares) on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol TKS. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion