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Low & Bonar PLC 2002 Preliminary Results
Low & Bonar PLC today reported its results for the year ended 30 November 2002. The results are in line with those indicated in the company’s announcement on the 28th January regarding the proposed acquisition of the Carpet Tile Division of Gaskell plc.
| 2002 | 2001 | |
| Turnover | £162.6m | £171.9m |
| Profit before tax and exceptionals | £7.5m | £9.4m |
| Profit/(loss) before tax | £4.5m | (£8.2m) |
| Earnings per share before exceptionals | 4.88p | 6.14p |
| Earnings/(loss) per share | 2.08p | (11.35p) |
| Dividend per share | 4.00p | 6.00p |
- Flooring Division maintains profits despite tough trading environment
- Yarns & Fabrics Division increases both sales and profits
- North European and North American Plastics profitable
- French Plastics loss making - remedial actions underway
- Cash balances increased to £18.2m
Commenting on the results and outlook, Duncan Clegg, Low & Bonar PLC’s Chairman said:
"Since Paul Forman joined as our new Chief Executive we have undertaken many new initiatives and moved to strengthen our flooring division through the proposed acquisition announced on 28 January, of the Carpet Tile Division of Gaskell plc. Our main thrust is to improve the returns from our existing businesses, albeit in continuing tough trading conditions. We will also look to complement our existing activities with further acquisitions when appropriate."
Enquiries:
| Low & Bonar PLC | |
| Paul Forman, Chief Executive | 020 7298 6820 |
| Jon Kempster, Finance Director | 020 7298 6820 |
| Financial Dynamics | |
| Michelle Morton/Tim Spratt | 020 7831 3113 |