Home / Knowledge / News / Textiles / Improvement in Performance Technical Textiles sales at Low & Bonar

Improvement in Performance Technical Textiles sales at Low & Bonar

13
Jul '10
Low & Bonar PLC, the international performance materials group, announces its half year results for the six months ended 31 May 2010.

• Strong and broadly based sales growth up 11.7% (14.1% on a constant currency basis)
• Normalised profit before tax up 31.4% (33.9% on a constant currency basis)
• £31.3m year-on-year improvement in net debt level
• Interim dividend of 0.5p per share (2009: nil) reflects confidence
• Performance Technical Textiles sales improved by 13.6%, at constant currency, with an impressive contribution from Colbond
• Technical Coated Fabrics performed well, with sales up 15.2%, at constant currency, and a significant uplift in margins
• Joint venture grass yarn production facility in Abu Dhabi now in commercial Production

Steve Good, Chief Executive of Low & Bonar, said:

“The Group has moved firmly forward on its organic growth agenda during the first half, and delivered solid progress towards its medium term financial targets which were set in February this year.

The much improved sales pattern established throughout the second quarter has continued into the start of the second half and our joint venture grass yarn production facility in Abu Dhabi is now in commercial production.

The declared interim dividend reflects the Group's strengthened financial position and much improved trading performance, as well as our confidence in the trading outlook. In our trading update of 4 June 2010 we indicated that trading was better than our original expectations for the full year, and our view remains unchanged.”

In the first half of 2010, I am very pleased to report that the Group has moved firmly forward and delivered solid progress towards the medium term financial targets which we set in February this year.

In the first half, sales increased by 11.7%, or 14.1% on a constant currency basis, compared to the same period last year, with profit before tax, amortisation and non-recurring items improving by 31.4%, or 33.9% on a constant currency basis.

Board changes
This is my first statement as Chairman of Low & Bonar following my appointment on 30 June this year, and I am delighted to have the opportunity to lead the Group into the next phase of its development. I would also like to pay tribute to Duncan Clegg, who preceded me as Chairman, for his role in guiding the Group through a period of significant change. The Group is now well positioned to take advantage of future opportunities in the performance materials market.

Kevin Higginson resigned as Group Finance Director on 27 April 2010, to join a private company. I would like to thank Kevin for his invaluable contribution since he joined the Group in 2006. The search for his successor is well advanced.

Chief Executive's Review of Operations

Following the Group's resilient performance in 2009, in what were very challenging economicconditions, the Group has increased significantly its focus during the period on delivering profitable, cash generative growth from the existing businesses.


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 7th Apr 2020

Holding cost will affect apparel manufacturers

That brands may eventually not scrap orders is not necessarily good...

Pic: reddees / Shutterstock.com

Apparel/Garments | On 7th Apr 2020

Commendable decision by international garment buyers

At a time when the world is passing through an unprecedented crisis...

Pic: Shutterstock

Apparel/Garments | On 7th Apr 2020

Over 40 apparel factories in Bangladesh resume production

More than 40 readymade garment (RMG) factories in Bangladesh's Savar, ...

Interviews View All

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Textile industry, Head honchos

Textile industry
Head honchos

Relaxation in FDI norms will support growth of retail sector

Pinkesh Jain, Everflow Petrofils Ltd

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Harssh Chheda,

Harssh Chheda

Mumbai-based Corporate Collars provides bespoke tailoring services for...

Ritu Ajbani & Neha Agarwal,

Ritu Ajbani & Neha Agarwal

Petit Royal, co-founded by entrepreneurs <b>Ritu Ajbani and Neha...

Mario Castro,

Mario Castro

Fibraltex is an integral factory dedicated to the production of denim...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

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

Leave your Comments


April 2020

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


Advanced Search