Home / Knowledge / News / Textiles / Fiberweb: financial results for 2010 very encouraging
Fiberweb: financial results for 2010 very encouraging
03
Mar '11
Fiberweb announces annual results in 2010.

Highlights:
• 10% like-for-like sales growth on a constant currency basis.
• Continued improvement in underlying operating margin: FY10 6.3% (FY09: 5.1%; FY08: 3.7%).
• 25.5% increase in underlying operating profit to £29.0 million (2009: £23.1 million).
• 11.3% increase in adjusted earnings per share to 10.8p (2009: 9.7p).
• Final dividend maintained at 2.5p, making a full year payment of 4.2p.
• Refinancing of c. £210m successfully completed.

Commenting on the results, Malcolm Coster, Chairman, said:
“Fiberweb delivered another much improved set of financial and operational results in 2010. 10% like-for-like sales growth demonstrates that our focus on product innovation and sales and marketing is delivering for customers, while the 26% increase in underlying operating profit demonstrates that the continuing heavy investment in competitive manufacturing capacity is producing attractive returns. The recent acquisition of Boddingtons is a further demonstration of Fiberweb implementing a strategy of optimising its business portfolio, seeking opportunities to grow in market areas where differentiation is sustainable and strengthening its management resources and technical capabilities. The Board is looking forward to further progress.”

Daniel Dayan, Chief Executive Officer, added:
“We are pleased to deliver a seventh consecutive half-year of improved profitability and return on capital and would highlight that we have returned to growth, in the face of continuing challenges from raw material cost increases and market weakness in several areas. The investments we are making now in operational improvement, in differentiated manufacturing capacity and in developing Fiberweb people will strengthen the secure foundations we have laid to support future top-line and bottom-line growth. We will look at every opportunity to improve our return on capital further and to improve our product and service proposition to customers.”

During 2010 Fiberweb saw a continuation of sustained performance improvement in many areas. Financially, steady progress was delivered in sales and profitability, with strong returns to shareholders during the year.

Major investments in infrastructure in the USA, in product development and in productive assets were successfully undertaken during the year in several sites in Europe and at our major industrial site at Old Hickory in the USA. Fiberweb's portfolio was strengthened by the acquisition of Boddingtons announced in December, creating a stronger platform for the Group in the geosynthetics market.

From a management perspective, further streamlining and strengthening was accomplished, with costs further reduced and responsiveness improved, well-aligned with the evolving needs of our customers. Additionally, important initiatives in the areas of management development, lean manufacturing and total quality management were developed and launched during the course of the year, demonstrating our ability to continue to invest in Fiberweb's human and infrastructure resources.


Must ReadView All

Japan’s JICA promoting energy-saving devices in Bangladesh

Apparel/Garments | On 21st Feb 2018

Japan’s JICA promoting energy-saving devices in Bangladesh

The Japan International Cooperation Agency (JICA) is promoting use of ...

China’s JD.com announces financing pacts for JD Logistics

Textiles | On 21st Feb 2018

China’s JD.com announces financing pacts for JD Logistics

China’s largest retailer JD.com Inc recently announced it has entered ...

Courtesy: Indorama Ventures

Textiles | On 21st Feb 2018

IVL 2017 revenue up 17% y-o-y to $8,438 million

Indorama Ventures Public Company Limited (IVL) has reported revenue...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Urmil Arya

Sushila International, a well established textile organisation established ...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Eric Scholler
Groz-Beckert

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Karan Arora
Karan Arora

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

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

February 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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