Rotork The municipal authorities that run water and sewage businesses in the US are strapped for cash as the economic downturn feeds through into reduced tax receipts. And that means infrastructure projects in the water industry are being delayed. Rotork, which makes industrial taps used in such water systems, says meeting profit expectations for the rest of the year depends on what happens in that market in the coming months, and investors should take that as a signal to trim shareholdings. Tomkins Tomkins, the old conglomerate, is trying to be a simple automotive specialist these days.This is a tough market and half-year operating profits have fallen. Jim Nicol, the American chief executive, talks about honing the company's "lean manufacturing" process, which involves reducing floorspace, using technology more efficiently and making cuts in headcount.
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Savings have totalled £11m in the first half and are on track to hit £20m in the full year, ahead of the £18m expected The company is also targeting the the so-called aftermarket. Another plan is to reduce the exposure to the US, which accounts for two-thirds of sales. The company looks on a more stable footing but with little upturn evident in the major markets there is no reason to buy now Hold. Slough Estates Slough Estates, the industrial property company, has not had a recovery in rents and says there was still an imbalance between supply and demand. But it has good occupancy rates and low gearing which means it is poised to take advantage of an upturn. Encouragingly, the board has hiked the dividend by 6.4 per cent, which should give shareholders optimism Hold.
Wellington Underwriting Wellington Underwriting is having a good year. Lloyds insurers have been able to retain the high premiums in many lines of business which were kick-started in the wake of the 11 September attacks. At the same time, they have had very few claims on polices because of the low number of natural disasters and other catastrophes in the past year. Wellington last year restructured its business, stripping its volatile reinsurance arm out of its Lloyds business and creating a separate vehicle, Aspen Re. Wellington's core Lloyds business, which includes aviation, property and employment liability cover, and its US arm have performed strongly Buy.. As the economy picks up speed, watch out for Garp.
