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Interim Results

Low & Bonar profits rise

06 July 2016 07:35

International performance materials group Low & Bonar's profit before tax, amortisation and non-recurring items from continuing operations increased by 5.0% to £10.6m in the year to the end of May.

On a constant currency basis, revenues from continuing operations were 2.4% ahead of last year at £180.6m (2015: £176.4m) and profit before tax, amortisation and non-recurring items was up 1.0% (2015:£10.5m). On a constant currency basis, operating profits increased by 2.3% from £13.0m to £13.3m.

Earlier this week the group announced that it had successfully negotiated the sale of its artificial grass yarns business, which formed the majority of its Sports & Leisure business unit. The disposal is expected to complete before the end of August, after a period of employee consultation. It is estimated that the disposal will reduce Group borrowings by approximately €29m after costs of about €1m and will provide flexibility and headroom for future expansion.

Chairman Martin Flower said: "The Group has continued to execute its strategy, with the start of production in China, the exit from grass yarns and the work to find a solution for Bonar Natpet. At the same time we are starting to realise the benefits of the reorganised business structure and leadership. Taking into account various factors affecting the Group, we remain confident of meeting the Board's expectations for the full year."

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