13 July 2010
Low & Bonar PLC 2010 Half Year Results
STRONG TRADING PERFORMANCE,
GOOD PROGRESS TOWARDS MEDIUM TERM FINANCIAL TARGETS
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.
Highlights:
| |
6 months |
6 months |
12 months |
| |
May-10 |
May-09 |
Nov-09 |
| Revenue |
£155.8m |
£139.5m |
£304.8m |
|---|
| Statutory profit/ (loss) before tax |
£7.9m |
£(5.8)m |
£0.7m |
|---|
| Normalised profit before tax* |
£6.7m |
£5.1m |
£15.8m |
|---|
| EPS* |
1.67p |
1.75p |
4.35p |
|---|
| Net debt |
£67.4m |
£98.7m |
£67.4m |
|---|
| Dividend per share |
0.5p |
0.0p |
0.8p |
|---|
* Before amortisation and non-recurring items.
- 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.”
For further information, please contact:
|
|
| 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 |
|
View the full results announcement (in PDF format).