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 2011.
Highlights
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- Profit before taxation increased by 42% to £11.2m
- Underlying profits and revenues 20% ahead, after adjusting for foreign exchange movements
- Margins maintained despite significant raw material inflation
- Yarns restructuring completed and business will be profitable this year
- Interim dividend increased by 40% to 0.7p per share, reflecting confidence in growth prospects
- Further progress towards operational targets
- Improved full year outlook
Martin Flower, Chairman, said: “These results, during a period of unprecedented raw material price escalation, demonstrate the quality of our business, its positioning and its growth prospects.
“The trading outlook has improved. With good trading momentum, selling prices increased and raw material polymer prices beginning to stabilise, the Group is confident of delivering another year of significant progress. We will continue to push ahead with our initiatives to deliver margin improvement and growth in our chosen niche markets and geographies in 2011 and beyond.”
For the full release with report, please download this document (PDF).
CONTACTS
Low & Bonar PLC
Steve Good, Group Chief Executive
Mike Holt, Group Finance Director
020 7535 3180
College Hill Matthew Smallwood
Mike Davies
020 7457 2020
