AGM Statement by the Chairman

07 Mar 2002

In my recent Chairman’s Statement, I stated that there were good growth prospects for all our business activities, particularly in the US. I confirm that this remains the current position.

During February Kilgore recommenced decoy manufacturing operations, following last year’s incident, and is making good progress on reaching the required manufacturing capacity. Order levels are buoyant in our US defence businesses and encouraging indications are being received of further substantial increases in activities over the next three years.

Discussions to resolve the Kilgore insurance claim continue and I will advise further when I have something firm to report.