Home / Knowledge / News / Textiles / Fiberweb preliminary results 2007
Fiberweb preliminary results 2007
03
Mar '08
Fiberweb plc, the international nonwoven fabrics producer, announces its preliminary results for the year ended 31 December 2007.

Operational Highlights:
- Turnaround programme continued throughout a challenging year, establishing sound foundations for progress in 2008
- Underlying gross margin and operating margin recovery in the second half driven by Industrial with Hygiene under pressure from raw materials
- Portfolio simplified – 2 hygiene business disposals, 1 industrial site closure
- Industrial growth maintained with revenue growth of 4.6% at constant currency. Industrial now accounts for 42% of Group revenue, up from 32% in 2005
- Trade working capital as a percentage of sales reduced by 1.0% to 17.9%
- Debt reduction of £33.1 million at constant currency from disposals and working capital reduction
- Impairments and write-downs of £95 million

Commenting on the results, Daniel Dayan, Chief Executive Officer, said:
“2007 was a challenging first year as a public company. We continued to pursue the turnaround programme outlined at demerger and have made progress in maintaining growth in our differentiated industrial businesses and simplifying the hygiene portfolio.

The significant inventory and margin management issues identified in April were a major disappointment. In response, we rapidly strengthened management and systems and saw some recovery during the second half.

We continued to invest in our most attractive businesses to improve competitiveness, to increase value for customers by tailoring products more precisely to their needs and to increase profitable capacity.

Despite the overall margin decline during the year, the restructuring and investment actions undertaken during 2007 have created a sound foundation for progress in 2008.

Following our statement of 21 January 2008 regarding a possible offer by Avgol, we are enabling a due diligence process. We will keep shareholders informed as to the progress of any possible offer for the Company.”

Fiberweb plc


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search