Dyson warns on second half figures as automotive sales are hit
Friday, November 14, 2008
Dyson Group, the company that makes high performance materials for manufacturers, warned today that despite a steady performance in the first half of the year it was facing potential problems in the second half.
In an update ahead of interim figures to September 30, 2008, Dyson said that its results would be in line with expectations with an underlying pre-tax profit in excess of £3 million.
However, a significant downturn in the global automotive markets has had a significant impact on the demand for its Saffil and Ecoflex products. Despite moves to diversify into new markets and although the products are generally enjoying a rise in demand, the company said falling car sales were causing it problems.
As a result second-half figure are set to come in well below expectations and the company said it was now in talks with its banks to resolve any covenant breaches that may arise in the future.
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