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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."

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