WLN Wellington Hds.

RNS Number:1032Z
Wellington Holdings PLC
26 May 2004

For Immediate Release                                                26 May 2004



                            Wellington Holdings plc
                                        
                            Chairman's AGM Statement


At today's Annual General Meeting of Wellington Holdings plc., the manufacturer
and distributor of specialist polymer seals for engineering and industrial
applications worldwide, all resolutions put to shareholders were duly passed.
Following the conclusion of the formal business of the meeting Chairman, Brian
Kent, made the following statement on current business and outlook:


"Future Outlook and Present Trading

Helped by the high world oil prices and heavy machinery exports from Europe to
China, our order book stands at the highest level for 5 years.

As a result, the year has made an excellent start with profits ahead of plan and
last year.

The cost base rationalisations of the last 18 months are now bearing fruit and
we expect a good half year and, despite the weak dollar, a very satisfactory
year in total.


Site Negotiations

Negotiations concerning the sale of the Hampton site, as announced in our
Interim statement, are now finalised. A contract to sell the Hampton site for
#6.5m, subject to 'final' planning permission has just been signed. Rather than
incur the risks of a move to a new location nearby with a sub-optimised factory,
we have chosen to lease, on half our present site, a new, specially built to our
specification, highly efficient factory which will be available progressively
during 2005 for which we will pay a rental of #590k per annum starting in 2007.

We plan for substantial savings from the new energy-efficient premises and
optimised shopfloor process flow."


                                     -Ends-


Notes to Editor:
Wellington Holdings is a highly focused global manufacturer and distributor of
specialist seals used in new equipment and the aftermarket. Main markets include
mining equipment, construction machinery, aerospace, materials and fluid
handling, and especially strong in oil and gas. Wellington trades under four
brands, Hallite Seals, Dynamic Seals, CDI Seals and Hallite Polytek.


For Further information contact:

Brian Kent, Chairman                                  020 8941 3774
Chris Wilkins, Chief Executive Officer                020 8941 3774
Mick Paver, Finance Director                          020 8941 3774
Wellington Holdings plc

David Hardy/Paul Vann                                 020 7786 9600
Binns & Co. PR Limited

Or visit the Wellington website:                      www.wellingtonholdings.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
AGMSEIFEMSLSEEI

Wellington Hds. (LSE:WLN)
Historical Stock Chart
From Dec 2024 to Jan 2025

Wellington Hds. (LSE:WLN)
Historical Stock Chart
From Jan 2024 to Jan 2025