Share Price.com
Market Update Economic Events Directors Deals Commodities Prices News Market Movers

Low & Bonar sees robust demand

Wednesday, 1st February 2017
International performance materials group Low & Bonar posts pre-tax profits before amortisation and non-recurring items of £29.2m - 6.6% up on lat time but 5.2% down in constant currencies.

On a statutory basis, profit before tax increased by 21.0% to £25.9m from £21.4m (restated) in 2015.

On a constant currency basis, operating profits before amortisation and non-recurring items were better than last year in Building & Industrial (+16.0%), Civil Engineering (+27.3%) and Interiors & Transportation (+14.8%) but were down in Coated Technical Textiles (-37.9%).

The group said that as reported at the half year, profits within Coated Technical Textiles were impacted by production issues which, whilst largely resolved during the second half of the year, impacted sales towards the end of the year.

Overall, profit before tax, amortisation and non-recurring items on a constant currency basis decreased by 5.2% to £29.2m (2015 (restated): £30.8m).

The Group's operating margin before amortisation and non-recurring items was 8.7% (2015 (restated): 8.8%); lower margins in Coated Technical Textiles offsetting gains in Building & Industrial, Civil Engineering and Interiors & Transportation.

Group revenues, on a constant currency basis were broadly flat at £400.0m.

The group said demand generally for its products remained robust, reflecting the diversity and strength of its niche market positions, products and service delivery.

Chairman Martin Flower said: "Low & Bonar has undergone a transformation over the past two years. We are now a nimbler, tighter, customer focused 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."








Story provided by StockMarketWire.com

Related Shares: Low & Bonar

Share Search
Share Search Share Search

Visit the Share Search.
Share Search

Share News
Share News



SharePrice.com will do their best to ensure the quality of the information displayed on this site, but all information is provided as-is, free of charge. We cannot be held responsible for any loss, material or otherwise, due to incorrect information found here. UK data supplied by NBTrader and Digital Look. Share Prices are at least 15 minutes delayed.