Chubb still secure on forecasts

SECURITY group Chubb said it still expects to meet full-year forecasts, despite a setback in its US hotel locks business following 11 September.

Chief executive Robert Gasparini said group sales this year are expected to rise by about 9%, with continuing higher growth from the electronic security operations. The hotel business, Tesa Entry Systems, has seen a 15% increase in turnover and cost-cutting measures should see it operating at 'broadly break-even levels' in the second half.

Chubb continued to seek infill acquisitions in the buoyant electronic security sector. Gasparini added: 'The numerous opportunities will be vigorously pursued within Chubb's financial capabilities.' The shares rose 11p to 166 1/2p.