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Low & Bonar PLC 2014 Final Results

February 3, 2015

Final Results for the year ended 30 November 2014

GOOD PROGRESS AGAINST A CHALLENGING BACKDROP

 

Low & Bonar PLC ("Low & Bonar" or "the Group"), the international performance materials group, today announces its final results for the year ended 30 November 2014.

Highlights
Continuing operations

  2014 2013(1) Actual Constant currency(2)
Revenue £410.6m £403.1m +1.9% +7.2%
Operating profit(3) £31.7m £31.4m +1.2% +8.2%
Profit before tax, excluding JVs(3) £26.3m £25.3m +4.0% +12.2%
Share of JV results(3) £(1.1)m -    
Profit before tax(3) £25.2m £25.3m -0.4% +7.4%
Profit before taxation (statutory)(4) £16.7m £16.7m -  

(1) Adjusted for IAS 19 changes in accounting for pensions
(2) Constant currency is calculated by retranslating comparative period results at current period exchange rates
(3) Before amortisation and non-recurring items
(4) After amortisation and non-recurring items

 

  • Profits increased 7.4% on a constant currency basis despite difficult markets in Europe
  • Continued progress and profit growth in Technical Coated Fabrics and Yarns
  • Further investment in infrastructure; good progress made in seeding of Chinese market
  • Final dividend maintained at 1.75 pence per share, full year dividend up 3.8% to 2.7 pence

Brett Simpson, Group Chief Executive, said:

"These are resilient results delivered in challenging circumstances – evidence of our robust market position and of the investments made in improving and growing the business.

Since taking over the role of Group Chief Executive in September, I have been getting under the skin of the business and our operations globally, and what I have found is greatly encouraging. This is a solid business with good market positions and compelling opportunities for growth. I believe there are further improvements which can be made which will enhance and accelerate our growth prospects, and I look forward to setting these out in detail later in the year."

3 February 2015

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Low & Bonar PLC 2014 Final Results

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

View the full results announcement