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

Textiles | On 9th Dec 2016

ACIMIT signs MoU with Pakistan textile bodies

In a bid to strengthen the trading in garments and textiles between...

Textiles | On 9th Dec 2016

‘Less demand may make it hard to achieve export target’

The $48 billion target for textiles and garment exports for 2016-17...

Textiles | On 9th Dec 2016

GST Council may decrease tax rates in future: CBEC

The goods and services tax (GST) Council might reduce the proposed...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Karan Arora
Karan Arora

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search