Dyson says losses will be in line with expectations

DYSON, the Sheffield-based materials technology company, said today that pre-tax losses for the year just ended would “broadly be in line” with management expectations.

The group, whose key brands serve the fibre and catalytic converter applications markets, said that business conditions continued to be challenging but that the group was carrying on with significant cost and cash “containment” measures.

It added: “The new functional organisation is proving to be cost-effective and as we focus on our core markets of automotive emissions, energy and industry, prospects for order book improvement are encouraging.”

Dyson has spent the past month in discussions with its banks Lloyds TSB and Svenska Handelsbanken over its debt facilities and banking covenants.

Last month it announced that the proposed sale of the group’s freehold land and buildings in Sheffield had been cancelled as a result of “constructive discussions”.

The group expects to announce its year end results in June.