Watts,Blake,Bearne - Chairman's AGM Statement

RNS No 9078v
WATTS BLAKE BEARNE AND COMPANY PLC
22nd May 1998


                          WATTS BLAKE BEARNE & CO PLC
                           CHAIRMAN'S AGM STATEMENT
                                       
Watts  Blake  Bearne  & Company ("WBB"), the leading international  ball  clay
producer, held its 85th Annual General Meeting today, at WBB Devon Clays' East
Golds Grinding and Packaging Plant, Newton Abbot, Devon, at 11:00 am.

Michael  Beckett, Chairman, told shareholders at the AGM: "The Notice of  this
Meeting is on page 47 of the Annual Report and Accounts which was sent to  you
at the end of April."

"Before  moving  through the formal agenda of this Annual General  Meeting,  I
will make some introductory remarks."

"I am particulary pleased to welcome shareholders and guests to our East Golds
site.  By holding this meeting here, shareholders will have the opportunity to
see  for themselves an example of the type of investment your management  team
is making in re-equipping the business for continued industry leadership.  The
particular  plant  next  to  our  marquee  represents  a  #3.2  million  pound
expenditure in state of the art grinding and packaging equipment.   For  those
of  you who might query the cost of the tent it is cheaper to be here than our
previous venues."

"Your Company's performance in 1997 was at a record high, with pre-tax profits
increasing  by  almost  half  a  million  pounds  over  the  previous  highest
achievement  in 1995.  This fine effort, to which every operating  company  in
the  WBB  Group  contributed,  was  achieved  in  spite  of  the  considerable
strengthening  of  our reporting currency, the Pound Sterling,  against  other
European  currencies.   This effect alone reduced our  profits  by  1  million
pounds."

"Your  Board remains convinced that its strategy for the business  -  the  key
objective  of  which is to deliver long term growth to all shareholders  -  is
firmly  based  on the strong twin foundations of world-class mineral  reserves
and  excellent  people.   This  confidence is reflected  in  the  increase  in
dividend by 8.6% to 17.6p per share.  Your Company has grown stronger  through
the  year  and  is  poised  for further growth.  A  number  of  potential  new
opportunities are currently under investigation."

"I should comment on one feature of the year which has been disruptive here in
Devon.   Shareholders are aware of the Company's plans to  extend  the  useful
life  of  Southacre quarry - a complex resource of genuinely world-class  ball
clays not found elsewhere in the world.  This extension requires the diversion
of  a  1.35 kilometre stretch of the rivers Bovey and Teign.  Plans  for  this
project  had  been  widely discussed with all interested parties  and,  during
1997,  the  project was approved by Devon County Council.  A project  such  as
this is inevitably sensitive and needs to be presented with consideration  for
local residents and with care for the environment.  I must assure shareholders
that   the  Company's  approach  was,  and  is,  both  sensitive  and   highly
professional at all times."

"Nonetheless,  our property was illegally invaded by so called  eco-protestors
in  June.  As a result of their activities, the Company suffered a good  deal
of  inaccurate negative press comment and, regrettably, the project was called
in  by the Department of the Environment for a Public Inquiry.  I should  also
add  there  will be a considerable cost to this.  The Inquiry  will  begin  in
July.   We  are confident that the Company's case is compelling and  that  the
project  will ultimately be approved.  I can assure all shareholders  and  the
general  public  that  WBB is committed to carrying out this  project  to  the
highest  professional  standards and that the new  eco-system  which  will  be
formed  will  mature to become a natural amenity of real value  to  the  local
community and the native wildlife."

"I can also advise shareholders that 1998 has started strongly and profits are
ahead  in comparison with the same period last year.  The European winter  has
been  benign for our operations and markets on the Continent have held up well
to  match.   Management are determined to build on this advantage and  I  look
forward to reporting the outcome when we convene again next year."

"We  continue to emphasise the WBB image as a global brand which is recognised
everywhere.    As  our  key  customers  continue  to  develop  internationally
opportunities to extend further our geographic spread will be grasped."

"Ladies and Gentlemen, your Company is in excellent shape.  Our reputation  is
high,  our  world  leadership position is secure, our  strategy  is  carefully
designed and our financial resources strong."


For further  information please contact:
Michael Beckett, Chairman
Graham Lawson, Chief Executive
Steve Carreck, Publicity Manager
Watts Blake Bearne & Company PLC
Tel: 01626 332 345   Fax: 01626 332 344

or via Group's web site: www.wbb.co.uk

END

CAGFCBCKBDKDQPB
Wt Batterymetal (LSE:WATT)
過去株価チャート
から 12 2024 まで 1 2025