FTSE 250 movers: Tomkins recovers

02.05.2008

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Engineer Tomkins claws back the losses suffered yesterday when it disclosed that some of its end markets have weakened further since its year-end results.

"Our internal action plans are progressing well and accordingly the group's outlook for 2008 remains in line," the group said in a trading statement Thursday.

North American automotive production is now expected to be at 14.1m units for 2008 compared to the original outlook of 14.4m units. The US residential housing market continues to soften and US housing starts are now expected to be at around 0.9m units for 2008, compared to the original outlook of just over 1m units.

"Tomkins's performance to date has been resilient. Our managers continue to take steps to mitigate the continuing US headwinds and to offset the impact of rising commodity prices through global sourcing, lean initiatives and price increases to our customers," said the group.

"Our businesses have continued to grow in emerging markets and we have seen strong demand in the global industrial sector," it added.

Baring Emerging Europe retreats after announcing interim results which saw return on ordinary activities before taxation slump to £8.5m in the six months to 31 March 2008 from £65.1m.

Gains on investments held at fair value slumped to £10.1m from £66.6m.

FTSE 250 - Risers

Galiform (GFRM) 78.00p +6.12%

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DSG International (DSGI) 68.00p +5.02%

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Misys (MSY) 164.25p +4.45%

Intertek Group (ITRK) 1,004.00p +4.37%

Punch Taverns (PUB) 531.00p +4.02%