Tibbett and Britten 2H 2002 Results

LONDON (AFX) – Tibbett & Britten Group PLC said trading in the second half
is in line with the board’s outlook statement issued when the group reported its
half year results on Sept 4 2002.
In the Americas it continues to achieve good organic growth and underlying
trading in the UK, Mainland Europe and international is consistent with
expectations.
It added the Dimalsa acquisition is still expected to be earnings neutral
this year and earnings enhancing in 2003.
Looking forward, it anticipates an estimated 1.5 mln translation impact on
next year’s earnings if the current strength of sterling against the North
American currencies is maintained during 2003.
Referring to the recent confirmation by the accounting standards board on
the appropriateness of FRS 17 as best practice, it intends to implement the new
standard in its year-end financial statements.
This will have no cash impact, it added.
However, it will increase restated operating expenses by 2.5 mln stg in
2001.
This level of operating expense is expected to prevail in 2002 and 2003.
The associated pension finance credit is expected to be 1.3 mln and 0.7 mln
in 2001 and 2002, respectively and a net charge of about 1.0 mln in 2003,
reflecting the decline in equity markets in the current year.
It also revealed a new management structure to facilitate the continued
development of the business.
As part of this re-organisation, a European Division to be led by Saad
Hammad has been established alongside the Americas Division.
Saad will take up his position as Managing Director – Europe early in 2003.
In addition, an operating board has been established and the main group board
streamlined.