The Japanese-owned manufacturer said it wants to concentrate on more profitable after market sales

Air filter maker AAF says it is targeting higher margin work amid poor global economic conditions and the rise of alternative energy sources.

The Cramlington-based firm, part of Japanese multinational Daikin Industries Ltd, specialises in the gas turbine filters used in the energy sector. It also offers after market products and services as well as equipment for controlling emissions.

New accounts show the company, which employs about 127 people at its facility off South Nelson Industrial Estate, show turnover slumped from £34.5m to £21.7m in the year to the end of March 2025. Operating profit period fell from £2.8m from the year before to £1.5m.

Bosses said the numbers were down to a large, long term project pumping up 2024 revenues compared with the 2025 revenues when the firm was focussed on shorter term after market projects – an area AAF is now targeting in the wake of poor global economic conditions impacting its key large-scale gas turbine markets. It said that new direction would bring greater profitability and faster growth.

Directors pointed to growth in profit margin from 36.1% to 48%, partly as a result of revaluing foreign exchange contracts, but also thanks to renewed focus on short term projects. Research and development spending continued at £1.19m, down from £1.37m, with resulting new products said to be contributing to revenue and profits.

The firm also said it would continue to invest in new facilities for developing and testing of products. It said investment in the latest engineering and design technology was needed to maintain its strong position in the market.

Writing in the accounts, director Ian Creasey said: “AAF Limited will continue to concentrate on the most profitable areas of business and drive the benefits of new products whilst maintaining strict cost control and establishing further efficiencies in project execution. Resources are focussed on the growing and more profitable aftermarket aspects of the business.

“As a result, AAF Limited has seen a continuation of profitability in the current year and continues to enjoy the support of ultimate parent company, Daikin Industries Limited, in working toward its long-term goals.

“The company has undertaken various initiatives during the year to enhance the working environment and employment conditions and to maximise its relationship with staff through increased internal communication, training and development and new processes, to ensure that it continues to attract the best employees.”

Last week activist investor Elliott Investment Management said it took a stake in AAF owner Daikin, wanting to work with the firm to improve its performance and valuation. It said the conglomerate’s track record of long term growth meant it was undervalued.

In announcing the move, Elliott said there was an opportunity to “address the root causes of this undervaluation by announcing concrete measures to expand margins, improve shareholder returns and review its portfolio of non-core businesses”.

Andrea Sironi

Ladies and gentlemen, welcome, and good morning. Welcome to the Shareholders’ Meeting of Assicurazioni Generali convened today as an ordinary and extraordinary meeting at the company’s offices in Trieste Floor 7 of Balasoerlam in Piucabzi1. As provided for in the Articles of Association, I shall Chair the meeting. For the secretarial duties, I shall be assisted in accordance with Article 25 of the Articles of Association and 4 of the meeting regulations by Mr. Giuseppe Catalano, Secretary of the Board of Directors of the company. I also invite notary, Mrs. [indiscernible] to draw up the minutes of this meeting.

This year, unlike last year, the meeting is being held in a format that does not require the physical attendance of those entitled to attend. They may, therefore, participate in the meeting by granting a proxy to the designated representative, namely Computershare SAI represented here by Mr. Alberto Elia. The Board, which I Chair has, in fact, considered that the geopolitical tensions could have affected the orderly conduct of our meeting.

Furthermore, in keeping with tradition, even those who are not entitled to attend may follow the opening remarks of the Group CEO, Mr. Philippe Donnet; the Group CFO, Mr. Cristiano Borean and myself. I would, therefore, like to extend also on behalf of my colleagues who sit with me at this table, a greeting to all those who are following this event via streaming.

We believe that this is, as always, an important event in corporate communication, and we wish to enable a broad and inclusive audience of shareholders and stakeholders to follow it live. This approach is consistent with Generali’s

Westerners in Thailand notice unique street food, vibrant markets, beautiful temples, friendly locals, chaotic traffic, respectful gestures, and cultural practices, all contributing to a richly immersive experience within 30 days.

Unique Transportation Modes

In Thailand, Westerners quickly notice the distinctive transportation modes. The vibrant tuk-tuks and bustling motorbike taxis dominate the streets, offering a lively and efficient way to navigate through the city. Public transportation also includes the iconic red songthaews and an extensive network of buses and trains, contrasting with the car-heavy reliance many Westerners are accustomed to. This variety adds a unique charm to daily commutes and tourist explorations.

Diverse Culinary Experiences

Thailand’s culinary landscape is an immediate stand-out for Western visitors. Street vendors line the avenues, offering an array of tantalizing dishes like pad Thai, som tam, and mango sticky rice. The flavors are often bold and spicy, differing significantly from typical Western cuisine. Mealtime becomes an adventure in itself, with the abundance of fresh, locally sourced ingredients and a vibrant mix of tastes and aromas inviting exploration and appreciation.

Warm and Welcoming Culture

The Thai culture is marked by a genuine warmth that leaves a lasting impression. Known as the “Land of Smiles,” the friendly demeanor of the Thai people makes interactions pleasant and welcoming. Social customs, such as the respectful wai gesture, highlight the country’s emphasis on politeness and kindness. Westerners often find this cultural trait refreshing and heartening, fostering a deeper connection and appreciation for Thailand’s rich traditions and hospitable environment.

Some Observations Westerners Make in Thailand

In Thailand, Westerners quickly notice a delightful blend of contrasts. The vibrant street markets captivate with their bustling energy, offering everything from delicious Thai street food to intricate handicrafts. The politeness embedded in the wai greeting and the monks collecting alms each morning present unique cultural norms. Thailand’s rich spiritual atmosphere, with its ornate temples and ubiquitous spirit houses, leaves a lasting impression. The love for spicy food, as seen in dishes like som tam and tom yum, challenges taste buds but is undeniably addictive.

Transport is another eye-opener, with tuk-tuks weaving through traffic and motorbikes laden with entire families. Thai time, a more relaxed approach to punctuality, contrasts sharply with Western expectations. Nature lovers appreciate Thailand’s lush landscapes, from the serene northern mountains to the pristine southern beaches. The prevalence of street animals, especially cats and dogs, evokes both surprise and affection. Observing these nuances over 30 days reveals a nation of warmth, vibrancy, and enchanting diversity, leaving Western visitors both charmed and enlightened.

Other People are Reading

Follow

Follow us on Google for the latest stock newsFollow Seeking Alpha on Google for the latest stock news

Play Earnings CallPlay Earnings Call

CapitaLand China Trust (CLDHF) Q1 2026 Earnings Call April 22, 2026 8:00 PM EDT

Company Participants

Xiuyi Ng – Manager of Investor Relations of CapitaLand China Trust Management Limited
Kin Leong Chan – CEO & Executive Non-Independent Director of CapitaLand China Trust Management Limited
Lintong Yan
Hong You – Head of Investment & Portfolio Management of CapitaLand China Trust Management Limited

Conference Call Participants

Advertisement

Terence Lee – UBS Investment Bank, Research Division
Geraldine Wong – DBS Bank Ltd., Research Division
Vijay Natarajan – RHB Research Institute Sdn Bhd

Presentation

Xiuyi Ng
Manager of Investor Relations of CapitaLand China Trust Management Limited

Advertisement

Good morning, everyone. Welcome to CLCT’s 1Q 2026 Analyst Briefing. I’m Xiuyi, Investor Relations for CLCT. With me today, we have our CEO, Gerry; CFO, Joanne; CFO Designate, Lintong; and Head of IPM, You Hong.

For this meeting, we will start with a brief presentation followed by a Q&A session. [Operator Instructions]. So with that Gerry, please go ahead.

Kin Leong Chan
CEO & Executive Non-Independent Director of CapitaLand China Trust Management Limited

Advertisement

Thanks, Xiuyi. Welcome everyone to CLCT’s first Q 2026 business update. Thank you again to making some time this morning to attend this presentation. This is update. So I think it will be relatively short. There’ll be more Q&A time later.

So CLCT, we are the first and largest China-focused S-REIT. So now, of course, we also have connectivity to the C-REIT market through us jointly listing a C-REIT on the Shanghai Stock Exchange with our sponsor. Our current total asset is SGD 4.5 billion. We have 8 retail malls, 5 business parks, 4 logistics assets. And most of our assets are in Tier 1 and Tier 2 cities. Distribution yield using FY 2025 DPU with the unit price now is roughly about 7.5%, right? That reflects some of the unit price movement from the broad market winners after the start of

Advertisement

This refers to ‘We withdrew stimulus last year!’ (ET, Mar 4). TT Ram Mohan has rightly suggested that the tax-GDP ratio measures structural improvement. The FM must rethink his medium-term debtto-GDP target. Losing substantial revenues by cutting I-T rates seems odd. If oil breaches $75-80, the FM will have to hike petroproduct prices and borrow more. Most sectors like FMCG are raising prices sharply due to hikes in excise duties and fuel taxes. Macro-economic conditions like hefty government borrowings, tight monetary control and a fiscal strategy relying on uncertain disinvestment/spectrum auction proceeds, will impinge on private investments in 2010-11. D B Naik
Mumbai, March 4