Dyson makes good progress
SHEFFIELD-based high-tech materials specialist Dyson will tell shareholders at its AGM today that reorganisation of the company is progressing well.
The company announced in June that it was to focus on three core market segments, namely automotive emissions, industry (ceramics, glass and steel) and energy (oil, gas, nuclear and petrochemical).
The company designs, develops and manufactures high-performance materials for a wide a range of applications and operates on a global basis.
Dyson said that the group’s performance in terms of profit before tax and debt levels for the five months to August was running slightly better than anticipated.
It warned that expectations for the second half would be “softer than the first” but that subject to uncertainties resulting from the banking crisis, the board remained confident that management expectations for the full year would be achieved.
The company also expects to raise money from its property portfolio (when conditions improve) following a strategic review.
Like-for-like sales from its thermal technologies division for the period increased by around 2% reflecting the market-driven focus on growth areas following previous restructuring.
In the energy sector, the Dytech catalytic business is developing well following the successful establishment of a distributorship in the Middle East.
Sales in the company’s performance materials division decreased however by 6% compared with the prior year due to lower automotive Ecoflex sales.
Dyson said that opportunities to widen this product range in the longer term were encouraging and that forthcoming legislation on emissions meant that the market outlook for Saffil fibre in automotive applications was set for high growth.
The distribution division has been affected by the downturn in the housing market with sales 18% lower than the prior year.
Energy costs continue to be an issue for all divisions and the manufacturer has had to pass some of those on to customers with the remainder partially offset by cost reductions and production efficiencies, which have supported the first half margins.
In an interim management statement from April 1 to August 21 Dyson said overall performance for the group in terms of pre-tax profits and debt levels for the year-to-date had been “satisfactory”.
