Low & Bonar plc 2016 final results

January 31, 2017

 

Low & Bonar PLC ("Low & Bonar" or "the Group"), the international performance materials group, today announces its final results for the year ended 30 November 2016.

The Group consists of four Global Business Units: Building & Industrial ("B&I"), Interiors & Transportation ("I&T"), Civil Engineering ("CE") and Coated Technical Textiles ("CTT"). 

 Key Performance Metrics(1):

2016 

2015 (1) (restated) 

Actual

Constant currency(2)

Revenue

£400.0m

£362.1m

10.5%

(0.2%)

Operating profit before amortisation and non-recurring items 

£34.7m

£31.8m

9.1%

(2.8%)

Operating margin before amortisation and non-recurring items(3)

8.7%

8.8%

 

 

Profit before tax, amortisation and non-recurring items

£29.2m

£27.4m

6.6%

(5.2%)

Basic EPS before amortisation and non-recurring items

6.01p

5.86p

2.6%

(9.0%)

Dividend per share

3.00p

2.78p

 7.9%

 

Return on capital employed(5)

11.1%

12.5%

 

 

 

(1)        Restated to exclude the results of discontinued operations.
(2)        Constant currency is calculated by retranslating comparative period results at current period exchange rates.
(3)        Operating profit before amortisation and non-recurring items as a percentage of revenue.
(4)        Operating profit before amortisation and non-recurring items as a percentage of net assets plus net debt.

.

 Statutory Metrics:

 2016

 2015 (1) (restated)

Operating profit

£31.4m

£25.8m

(Loss)/profit before tax

£25.9m

£21.4m

Basic EPS

5.20p

4.47p

 

 

  • Strong profit growth in Building & Industrial, Civil Engineering and Interiors & Transportation
  • Margins improving as a result of ongoing strategic initiatives in these businesses
  • Production issues that impacted the performance in Coated Technical Textiles now largely resolved
  • Disposal of artificial grass yarns has streamlined the Group's focus
  • Acquisition of Walflor, post period end, reflects commitment to invest in most attractive segments
  • Exit from the Bonar Natpet JV on track, but slower than originally expected
  • Increase of 7.9% in full year dividend, reflecting confidence in the outlook

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Low & Bonar plc 2017 final results

Low & Bonar PLC ("Low & Bonar" or "the Group"), the international performance materials group, today announces its unaudited results ...

Martin Flower, Chairman, said:

"Low & Bonar has undergone a transformation over the past two years. We are now a nimbler, tighter, customer focussed organisation. We are seeing the tangible results of that transformation with good progress towards our targets for most of the Group.  Without the issues in Coated Technical Textiles, we would now be very close to a double digit operating margin for the Group.

We enter 2017 in good shape with a strong platform for growth.  We are confident of achieving further progress in 2017 and beyond for all of our businesses."

 

For further information, please contact:

Low & Bonar PLC
Trudy Schoolenberg, Interim Group Chief Executive
Philip de Klerk, Group Chief Financial Officer


020 7535 3180

Instinctif Partners
Matthew Smallwood
Helen Tarbet
Rosie Driscoll

020 7457 2020

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