Low & Bonar announces 2007 Preliminary Results

18 Feb '08

2 min read

Low & Bonar PLC, the international technical textiles and contract flooring manufacturer, announces its preliminary results for the year ended 30 November 2007.

Highlights include:
• Group profit before tax up 52% to £22.4m (2006: £14.7m) on revenues up 39% at £311.8m (2006: £224.5m); acquisitive and organic growth achieved.
• Earnings per share increased by 16% to 10.16p (2006: 8.75p).
• Final dividend increased by 11% to 3.1p (2006:2.80p).
• A strong performance across the business with both Divisions delivering growth in sales, profit and market share.
• Technical Textiles Division benefited strongly from the successful integration of the Colbond and Geo-Tipptex acquisitions and enhanced operating margins. Floors Division growth underpinned by focus on higher margin own-brand products.
• Chinese JV continued to grow and maintained double digit operating margins, with especially strong sales of grass yarn products.
• Significant opportunities for selected, value–adding acquisitions that give the Group access to complementary products and/or new geographic markets. Two deals completed January 2008.

Duncan Clegg, Low & Bonar's Chairman, commented:
"We are in growing sectors with strong market positions and we view the future with confidence.

"We believe that our businesses are well positioned to take advantage of the significant opportunities we see ahead and expect continued progress in both Divisions over the coming year. Our end markets – with their negligible exposure to any downturn in consumer confidence – continue to look resilient. The start of our new financial year has been in line with our expectations".

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