13 July 2010 – Low & Bonar PLC (“Low & Bonar” or “the Group”), the international performance materials group, today announces its half year results for the six months ended 31 May 2010.
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- Strong and broadly based sales growth up 11.7% (14.1% on a constant currency basis)
- Normalised profit before tax up 31.4% (33.9% on a constant currency basis)
- £31.3m year-on-year improvement in net debt level
- Interim dividend of 0.5p per share (2009: nil) reflects confidence
- Performance Technical Textiles sales improved by 13.6%, at constant currency, with an impressive contribution from Colbond
- Technical Coated Fabrics performed well, with sales up 15.2%, at constant currency, and a significant uplift in margins
- Joint venture grass yarn production facility in Abu Dhabi now in commercial production
Steve Good, Chief Executive of Low & Bonar, said:
“The Group has moved firmly forward on its organic growth agenda during the first half, and delivered solid progress towards its medium term financial targets which were set in February this year. The much improved sales pattern established throughout the second quarter has continued into the start of the second half and our joint venture grass yarn production facility in Abu Dhabi is now in commercial production.
“The declared interim dividend reflects the Group’s strengthened financial position and much improved trading performance, as well as our confidence in the trading outlook. In our trading update of 4 June 2010 we indicated that trading was better than our original expectations for the full year, and our view remains unchanged.”
A presentation of the results is available (PDF).
CONTACTS
Low & Bonar PLC +44 (0)20 7535 3180
Steve Good, Chief Executive
Kevin Higginson, Finance Director
Hogarth +44 (0)20 7357 9477
Andrew Jaques
Rachel Hirst
Ian Payne
