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Weir Predicts Strong Growth After Profits Decline to £53M

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Weir Predicts Strong Growth After Profits Decline to £53M FTSE-100 Index 6609.6 – 8.3 DJ Industrial Average 10,866.70 – 40.64 £=$1.5676 – 0.95 1=£0.6133 – 0.26 BUThursday, MarchS 23,I 2000.N Page TwentyESS Dairy Crest outraged by rival’s move Halifax bid means 200 more jobs Wiseman’s for IF IAN McCONNELL Deputy Business Editor INTERNET-focused bank Intelligent Finance (IF) declared yesterday that parent group £225m offer Halifax’s friendly £760m bid for 60% of life and pensions business St James’s Place Capital would create another 200 jobs at its Scottish operations. IF, which will not be launched until July, is to provide the e- commerce platform for a new for cream St James’s Place Private Bank. This will offer the broad range of banking products being designed by IF at the moment. Jim Spowart, chief executive of the Scottish-based IF, estimated that the establishment of the new Togetherness: Halifax chief executive James Crosby, left, with Sir Mark Weinburg, chairman of Sir James’s Place Capital, and private bank for St James’s Place would create another 200 jobs Mike Wilson, right, chief executive. Halifax plans to buy a 60% stake in St James’s Place Capital for £760m. Picture: PA of Unigate within his empire. IF had planned to launch with 1200 full-time equivalent staff in ROBERT POWELL Scotland. Spowart yesterday Business Editor revised this number to 1400. He noted that IF’s Edinburgh ROBERT Wiseman Dairies has Weir predicts strong growth Park premises, largely a customer- launched an audacious bid to buy facing call centre, could house the milk and cheese business of about 650 people. The other 750 Unigate, snatching it from the would be at its Livingston site, jaws of Dairy Crest. which would be primarily a back- If the £225m deal comes off, after profits decline to £53m office operation housing a Wiseman will more than double in “contingency call centre”. size overnight and will acquire Halifax’s proposed acquisition a strong presence in southern ANDREW WILSON of a majority stake in St James’s England and Wales, currently blank Place fits with its target of deriving areas on its distribution map. PUMP maker Weir Group is more at least half its profits from out- The enlarged Wiseman group than happy to see the back of 1999 with its traditional mortgage and would increase its share of the UK when it was hammered by the savings business by 2002. St milk market from 11% to 26%. weak oil price in the early months James’s Place would retain a But it would still be smaller than and delays in customers calling off separate stock market listing if market leader Express Dairies, orders. the deal went ahead, mainly to which controls 30%, so the deal After a profits warning in motivate a 1000-strong sales force is unlikely to raise competition December, there has been a with share options and to preserve concerns. remarkable change in the what Halifax described as its The sheer size of the proposed Full flow: chairman Robert Wiseman tightens UK market grip. company’s prospects. Chairman “unique entrepreneurial culture”. acquisition obliged Wiseman to Sir Ron Garrick forecasts that Halifax chief executive James request a suspension of its shares Wiseman’s conditional offer to Wiseman blanket coverage of 2000 will be a year of substantial Crosby emphasised that the acquis- on the London Stock Exchange Unigate will probably be firmed London and southern England growth. ition brought with it St James’s yesterday. Wiseman shares have up next week following due without creating any overlap with The market warmed to the story Place’s 350,000 high net worth halved in value, to 83.5p, since a dilligence and consultation with its existing activities. clients. The former building society’s profits warning in December, key shareholders. Unigate owns two super-dairies traditional business was focused slashing the company’s market Dairy Crest was outraged by on the outskirts of London. FA C T FILE on lower and middle-income capitalisation to just £71m. Wiseman’s intrusion, and insisted It also has milk processing plants Final 1999 1998 customers. Unigate agreed on February 18 that Unigate respect its “binding at Kidlington in Oxfordshire, Pre-tax profit £53.3m £64.0m Halifax said industry estimates to merge its milk and cheese agreement” to hand over its milk Totnes, in Devon, Thornbury, near Turnover £755m £725m suggested 3.1 million people in business with Dairy Crest in a and cheese business in return for a Bristol, and Newport, in South Dividend 10.4p 9.9p the UK had net assets of £200,000 shares and debt deal worth £220m 40% equity stake in Dairy Crest. Wales. E P S 19.6p 23.2p or more, while the number of tax- at the time. However, Dairy Crest However, City analysts welcomed A spokesman for Wiseman Pump up the volume: Sir Ron Garrick, left, chairman and Duncan Whyte, chief executive. payers earning in excess of shares have fallen 16% since then, Wiseman’s bold initiative, saying stressed the “excellent geographic £100,000-a-year was expected to knocking nearly £20m off the further consolidation in the milk fit” that Uingate would represent, and Weir shares firmed 9.5p to acquisition. The Australian manu- and the First Engineering rail itself while Tyco is in the middle of grow by 10% per annum for the headline value. processing industry was inevitable. and pointed out that it would add 188.5p. That compares with the facturer of slurry pumps for the maintenance associate is near the a major acquisition in the US next five years. Wiseman saw an opportunity Ian Macarthur at Bell, Lawrie, Waitrose and Somerfield to 300p cash offer from Flowserve of minerals and mining industries top of his list. which is resulting in the closure of Crosby said: “We are gaining and approached Unigate last week White in Glasgow, said: “It is a bit Wiseman’s list of supermarket the US last February and a 156p contributed £3.5m and is set to The 22.5%-owned investment 13 factories. increased exposure to a fast- with a proposal to buy its milk and of a quantum leap for the company, customers. low when the firm was at the nadir make a significant impact in the brought in £1.5m less, reflecting He reckons Weir should be able growing market with the client cheese business for £125m in cash but I think it is to be applauded”. Unigate also has four cheese- of its stock price fortunes. current year. new, less profitable, Railtrack to take advantage of at least one of model of the future – face-to-face and £100m in assumed debt. Wiseman controls more than making plants, in Chard, in Som- Pre-tax profits in 1999 fell a However, that is at £8.3m of contracts which do not have the these situations to extend either its advice supported by the new Both sides revealed yesterday 70% of the Scottish milk market erset, Carmarthen, in South sixth to £53.3m before exceptional reorganisation costs in bringing the “dowry” element in the initial pumps or valves activities. technologies.” that they were in negotiations. and is at the centre of a Compet- Wales, Wexford, in Southern Ire- items and goodwill write off. two businesses together. Their agreements. Market estimates Although in many countries the The St James’s Place deal should Wiseman, which is based in East ition Commission investigation land, and County Fermanagh, in The setback was due substant- union will lead to annualised value First Engineering at about new year got off to a slow start, help IF get off the ground, provid- Kilbride, said it was proposing to into milk trading in Scotland. the North. ially to the weakness of the oil savings of £8m from the beginning £130m. there have been strong perform- ing a ready-made and wealthy pay £225m in cash for Unigate’s It also has a major presence in But it is unclear whether Wise- price which depleted demand for of next year. Sir Ron said that Weir could ances in both the Americas and potential customer base for its milk and cheese business and northern England, thanks to its man would wish to retain these for equipment from the oil industry, As part of the integration, make an acquisition of up to £200m the Middle East and currently the banking products. Crosby has also would fund the deal entirely super-dairy in Manchester. The long since Unigate is retaining which normally accounts for up to production has been transferred and possibly accelerate its asset order book is at a £690m record. highlighted ambitions to derive through bank borrowings. company is advancing into the control of all its dairy brands. 30% of the group’s business in from Ipswich to Glasgow. sales to help fund such a move. He Judith MacKenzie at Bell about half of IF’s business through Wiseman’s debt/equity ratio Midlands with the construction of These include St Ivel soft cheese buoyant times. The focus of City interest in is distressed by the current share Lawrie White says that Weir is a independent financial advisers. would shoot up to 300% as milk processing plant at and Country Life butter. In addition, there were deferrals Weir is the strategy adopted by rating as he cannot use Weir paper good long term growth story. IF’s customers will be able to a result, but a spokesman said Droitwich, near Birmingham. Unigate has taken a strategic of work in the Indo Pacific area in chief executive Duncan Whyte to make acquisitions.
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