 |
 |
||||||
[May 2002]
Collins Comments on Hanson's Start to 2002
At the AGM of Hanson PLC on 14 May 2002, chairman Christopher Collins made
the following comments regarding the outlook for the company:"At the time of the results announcement in February we explained that it
was difficult to predict the outlook for 2002 so early in the year. We said
that we would continue to adopt a cautious approach, maintaining discipline
and control."68% of our trading profit was earned in North America last year, mostly in
the summer months still ahead of us. The outlook for the US remains
uncertain, although some commentators seem to be becoming less pessimistic."Looking at the other main countries where we do business. In the UK, the
government's commitment to transport expenditure is encouraging. So far,
the new aggregates tax has not adversely affected demand and pricing. In
continental Europe, Spain should remain the bright spot. In Asia, we are
expecting a downturn in Hong Kong, which will not be offset by improvements
elsewhere. In Australia, after a disappointing 2001, we are now seeing
progress."Overall, in the first four months of the year, trading has been running
marginally ahead of 2001, but this period only accounts for a small fraction
of our annual profit. It is still too early to express a definitive view on
the outlook for the whole of 2002."Turning to the future, with the strengthening of the balance sheet we have
the capacity to resume our bolt-on acquisition programme. Our priority is
further investment in North America in aggregates and concrete pipes."
ENDS