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Interim Results

Low & Bonar revenues rise after solid first half

11 July 2017 08:00

Low & Bonar's revenues rose to £210.3m in the six months to the end of May - up 16.4% at actual exchange rates and 4.6% in constant currencies.

Operating profits before amortisation and non-recurring items rose to £15.5m from £13.3m.

Statutory pre-tax profits rose to £10.8m from £8.3m.

The group declared an interim dividend of 1.05p per share -5% up on last time.

Chairman Martin Flower said: "The group had a solid first half.

"Although we do not envisage a sustained pick-up in our markets, we do anticipate further benefits to be realised from our focus on operational excellence and product development.

"Overall we remain confident of meeting the board's expectations for the full year."

The group also announced it had agreed to sell its agro-textiles business for €7.0m in cash to IFG Exelto, part of Swedish industrial group Duroc.

Low & Bonar said the disposal wouldcomprise the sale of the main assets of the agro-textiles business in both Europe and the United States, including the group's factory in Lokeren, Belgium, and its inventory, with the consideration payable in cash upon completion, subject to normal working capital mechanics.

At 8:00am: (LON:LWB) Low Bonar PLC share price was -0.5p at 84.5p

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