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Low & Bonar PLC 2017 Half Year Results

July 11, 2017

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 2017.

 

 Six months to 31 May  12 months to
30 Nov
 20172016ActualConstant
Currency(1)
2016
Revenue£210.3m£180.6m16.4%4.6%£400.0m
Operating profit before amortisation and non-recurring items£15.5m£13.3m16.5%3.3%£34.7m
Operating margin before amortisation and non-recurring items(2)7.4%7.4%  8.7%
Profit before tax, amortisation and non-recurring items£13.1m£10.6m23.6%10.1%£29.2m
Profit before taxation (statutory)£10.8m£8.3m30.1% £25.9m
Basic EPS before amortisation and non-recurring items2.70p2.16p25.0%11.1%6.01p
Basic EPS (statutory)2.14p1.63p31.3% 5.20p
Dividend per share1.05p1.00p5.0% 3.00p
Return on capital employed(3)10.4%11.3%-90 bps 11.1%
Net debt£149.0m£139.5m  £111.0m

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

  • Delivering effectively against strategic objectives despite challenging end markets
  • Benefits being delivered from focus on operational excellence, customer intimacy and product development
  • Good performance in B&I offsetting slower start in CTT and Civil Engineering
  • Strengthened global footprint
    • Acquisition of Walflor Industries Inc in North America integrating well and performing as expected
    • Commenced build of second manufacturing line in Changzhou, China
  • Net debt seasonally high, expected to reduce to normal levels of gearing by November
  • Post period end, agreed sale of agro-textile business, including the manufacturing site in Lokeren, Belgium for cash consideration of €7.0m (£6.1m)

Martin Flower, Chairman, said:

“The Group had a solid first half. Although we do not envisage a sustained pick-up in our markets, we do anticipate further benefits to be realised from our focus on operational excellence and product development. Overall we remain confident of meeting the Board’s expectations for the full year.”

11 July 2017

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View the full results announcement

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