19 October 2009
Interim Management Statement
Low & Bonar PLC ("the Group"), the international performance materials group, today publishes its Interim Management Statement covering the period from 1 June to 19 October 2009 as required by the UK Listing Authority's Disclosure and Transparency Rules.
The improvement in sales levels in the second half of this year has been maintained in line with our expectations although they remain significantly below last year.
Decisive cost reduction actions undertaken early in the year and lower raw material prices continue to mitigate broadly the impact of lower volumes on profits.
We continue to expect that, with our normal seasonal trends, second half profits and net debt will be materially improved compared to the first half and remain in line with our expectations.
For further information, please contact:
| Low & Bonar PLC |
+44 (0)20 7535 3180 |
| Steve Good, Chief Executive |
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| Kevin Higginson, Group Finance Director |
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| Hogarth Partnership Limited |
+44 (0)20 7357 9477 |
| Andrew Jaques / Rachel Hirst / Ian Payne |
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Forward looking statements
This announcement includes statements that are, or may be deemed to be, "forward looking statements". These forward looking statements can be identified by the use of forward looking terminology, including, but not limited to, the terms "believes", "estimates", "anticipates", "expects", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward looking statements include matters that are not historical facts.
By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward looking statements are not guarantees of future performance. The Group's actual results of operations, financial condition and liquidity may differ materially from the impression created by the forward looking statements contained in this announcement. In addition, even if the results of operations, financial condition, and liquidity are consistent with the forward looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. Important factors that could cause these differences include, but are not limited to: changes in the competitive framework in which the Group operates and its ability to retain market share; the Group's ability to generate growth or profitable growth; the Group's ability to generate sufficient cash to service its debt; the Group's ability to control its capital expenditure and other costs; significant changes in exchange rates, interest rates and tax rates; significant technological and market changes; future business combinations or dispositions; and general local and global economic, political, business, and market conditions. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement may not occur.
Other than in accordance with their legal or regulatory obligations, the Group does not undertake any obligation to update or revise publicly any forward looking statement, whether as a result of new information, future events or otherwise.