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Low & Bonar 2009 outlook likely to take some time to emerge
20
Feb '09
Low & Bonar PLC, the international performance materials group, announces its preliminary results for the financial year ended 30 November 2008 and the terms of a Placing and Open Offer.

• Placing and Open Offer, announced this morning, expected to generate net proceeds of c.£30m to improve significantly the Group's financial position and allow additional investment in profit growth initiatives.

Operational highlights:
• Disposal of the Floors Division in September 2008 has transformed and refocused the Group.
• Strategic emphasis now on creating a leading global performance materials business.
• MTX performed strongly during its first full year of ownership.
• Rate of product innovation increased through strong R&D focus.
• Volatile raw material environment successfully mitigated.
• Cost reductions and increases in operational productivity across the Group.
• Divisional operating margins increased.
• Leading positions maintained in a wide range of attractive niche markets.

Paul Forman, Chief Executive of Low & Bonar, said:
"2008 has been a very significant year for Low & Bonar, encompassing unprecedented levels of strategic refocusing, raw material volatility and changes to the economic background.

"Given the inherent seasonality in the Group's markets and the uncertainty surrounding global economic conditions, a clearer picture of underlying trading conditions and the outlook for the Group in 2009 is likely to take some time to emerge.

"The Board believes that the funds raised from the Placing and Open Offer announced today will improve the financial position and future prospects of the Group significantly and, at the appropriate time, allow it to invest in its planned organic growth initiatives and to take advantage of opportunities emerging from the current market environment. Our strategy of developing diverse product ranges for niche end markets and building leading market positions, allied to the underlying trend growth of the technical textile industry, all give the Board confidence for the medium to long-term prospects of the Group."

Click here to view full results:

Low & Bonar PLC


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