16 May 2007
John Poulter, Chairman, will make the following statement at today’s Annual General Meeting:
"We have continued to make good progress during the first four months of 2007 and remain on course to produce a year of growth and improvement in operating margins in line with expectations. Sales and profits* are ahead of last year, despite weakness of the US Dollar and the Yen. Regionally, Europe and Asia remain strong with certain US market sectors being less buoyant.
Cash conversion remains robust and the share buy-back announced in February is proceeding, with 1.1 million shares purchased to date at a cost of £10.1 million.
I am pleased to announce the appointment, with effect from 1 June, of John Hughes as a non-executive director. John was previously executive vice-president and chief operating officer of defence, aerospace and electronic systems company Thales Group and is currently chairman of Parity Group plc and Intec Telecom Systems plc."
* for continuing businesses
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