17th Jun 2005 07:30
Hydro International PLC17 June 2005 Embargo until 7.30am Friday 17th June HYDRO INTERNATIONAL PLC ("Hydro" and "the Group") Hydro International makes the following statement, in advance of its AnnualGeneral Meeting today: 2005 AGM Trading Statement The first half of 2005 has been particularly eventful for Hydro. Following there-listing of the business on to the Alternative Investment Market in April, weannounced the acquisition of the Vexamus wastewater business on 26th May. Thisacquisition gives the Group an increased product portfolio and key frameworkagreements for the market driven by the Asset Management Plan 4 (AMP 4) of theUK water companies. The restructuring needed by the Vexamus business to improveits financial performance is already proceeding under the direct day-to-daycontrol of Chris Williams - Hydro UK Managing Director. The Group overall, including the continuing operations of the Hydro companies isperforming in line with market expectations for the year which as previouslystated is weighted towards the second half of the year. We expect therestructuring of Vexamus referred to above to cost approximately £200k and thiswill be reflected in the results for the first half of 2005. As expected the UK has experienced a decrease in the business from the regulatedwater industry following the end of AMP3. The stormwater market influenced bythe demands of the construction industry remains strong and overall order intakefor the first five months of 2005 is ahead of last year's comparable period,despite the change in the AMP3/4 expenditure. In the US the additional resource applied to stormwater sales is beginning toshown a positive return, with order intake more than 75% ahead of the same stagelast year. Despite increasing competition in certain market sectors business continues togrow in line with the Board's expectations and as predicted in the Chairman'slast statement. Enquiries:Keith Marshall Hydro International plc 01275 878371 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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