29 March 2012
Interim Management Statement
Low & Bonar PLC ("the Group"), the international performance materials group, today publishes its interim management statement for the period since 30 November 2011.
The Group has made a good start to the year. Overall demand across the business has been robust and in comparison to the first quarter of last year sales and margins have developed positively. The Civil Engineering, Building Products, and Flooring segments have been the best performers, benefiting from continuing positive market trends and successful internal growth initiatives. As anticipated, the market for artificial grass yarns, our smallest segment, remains subdued.
The Group is pushing ahead with its initiatives to build a global business. In Saudi Arabia, our joint venture to design, manufacture and sell geotextiles to the fast growing Middle Eastern civil engineering market, remains on schedule to be operational by the end of the year. The recently announced Xeroflor acquisition has given the Group a strong brand, improving access to the attractive global green roof market. The Group has also recently changed its management structure to give greater focus and additional resources to accelerate growth through emerging market development and innovation.
Overall, the Group continues to develop its global positioning and remains on track to deliver another year of good progress toward its financial targets.
Steve Good, Group Chief Executive, said:
"Our first quarter, always our quietest, has gone well and we expect another year of profitable progress."
For further information, please contact:
|Low & Bonar PLC
Steve Good, Group Chief Executive
Mike Holt, Group Finance Director
|020 7535 3180
Matt Smallwood/ Helen Tarbet
|020 7457 2020