NEWS STORY

Low & Bonar PLC 2016 Half Year Results

July 6, 2016

Low & Bonar PLC (“Low & Bonar” or “the Group”), the international performance materials group, today announces its half year results for the six months to 31 May 2016.

  Six months to 31 May     12 months to
30 Nov
  2016 2015
(restated)4
Actual Constant
Currency5
2015
(restated)4
Revenue £180.6m £169.9m 6.3% 2.4% £362.1m
Operating margin1 7.4% 7.2%     8.8%
PBTA2 £10.6m £10.1m 5.0% 1.0% £27.4m
Profit before taxation (statutory) £8.3m £7.8m 6.4%   £21.4m
Basic EPS2 2.16p 2.19p (1.4%)   5.86p
Dividend per share 1.00p 0.98p     2.78p
ROCE3 11.3% 13.0%     12.5%

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

  • Executing strategy to re-balance the business and actively manage our portfolio to invest in areas with optimum returns
  • Successfully negotiated sale of the cyclical grass yarns business
  • Progressing towards resolution of the Bonar Natpet JV
  • Strong profit growth and margin progression in Building & Industrial, Civil Engineering and Interior & Transportation
  • Performance within Coated Technical Textiles affected by short-term production issues
  • Good early performance in our Colback plant in Changzhou, China
  • Increase in interim dividend reflecting confidence in long term prospects

Martin Flower, Chairman, said:

“The Group has continued to execute its strategy, with the start of production in China, the exit from grass yarns and the work to find a solution for Bonar Natpet. At the same time we are starting to realise the benefits of the reorganised business structure and leadership. Taking into account various factors affecting the Group, we remain confident of meeting the Board’s expectations for the full year.”

6 July 2016

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