Interim Management Statement

March 24, 2015

Low & Bonar PLC (“the Group”), the international performance materials group with leading positions in niche industrial markets, today issues its interim management statement for the period since 30 November 2014.


Overall, the Group has made a solid start to the year. Despite volumes being a little lower than anticipated, profits remain in line with expectations due to raw material benefits. Our Saudi JV, Bonar Natpet, has secured a number of important product approvals albeit sales development remains slow.

Since the year end, the Euro has continued to weaken but the effects of this are broadly neutral due to the continued strength of the US dollar and the benefit from increased export sales from Europe.

Based on current trading, the Group is confident of meeting expectations for the full year.

The Group will be holding a Capital Markets Day on 20 May 2015 for potential and existing investors.

For further information, please contact:

Low & Bonar PLC
Brett Simpson, Group Chief Executive Officer   
Mike Holt, Group Chief Financial Officer 

020 7535 3180

Instinctif Partners
Matthew Smallwood                                            
Helen Tarbet

020 7457 2020

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 its 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.




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