Sales, profits up at Tomkins in first half

London - Tomkins PLC, owner of Gates Corp., has reported increased sales and profits for the six months ended June 2006.

Sales for the first half increased by 13.2 per cent to £1750 million (Euro 2588 million) (H1 2005: £1,545.1 million) and profit from operations before restructuring initiatives increased by 8.7 percent to £161.9 million (H1 2005: £148.9 million). Profit from operations was also higher at £149.7 million (H1 2005: £140.4 million), an increase of 6.6 per cent.

The chief executive said in a statement, "Despite headwinds from the automotive original equipment manufacturers in North America and the delay in the implementation of the TREAD Act, the Industrial & Automotive group maintained double digit margins (before restructuring initiatives) of 10.8 per cent (H1 2005: 10.9 per cent), primarily due to a strong performance from the Power Transmission business and continued strength in the industrial markets. The margin in Air Systems Components was 9.4 per cent (H1 2005: 10.2 per cent) and is expected to improve over the balance of the year. The Other Building Products division had a margin of 7.5 per cent (H1 2005: 6.4 per cent).

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Press release from Tomkins (1200kb .PDF file)