UMECO (UMC).

Investors Chronicle, November, 2002

UMECOs first-half comparatives last year didnt reflect the calamitous impact of the 11 September terrorist attacks on the civil aerospace industry, so the company wants you to compare these figures with the previous six months. On this basis, profits before goodwill and exceptionals were 6 per cent up at GBP4.7m, achieved through a cost base reduction and new contracts. A valuable Rolls-Royce deal, which had been scaled back after the New York atrocities, has been renegotiated so that management fees are returning to pre-11 September levels.

Operating profits in the components division reached GBP2.2m, up on the second half, but were 35 per cent down on the first half of last year. The chemicals division made GBP2.4m, down on the GBP2.9m achieved last year, but...

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