17th Oct 2013 09:15
LONDON (Alliance News) - Component designer and manufacturer, Low & Bonar PLC Thursday said that strong growth has continued in its traditionally strong fourth quarter, with underlying sales comfortably ahead of the second-half of last year.
Low & Bonar said that it expects full-year sales and profits to be ahead of last year, benefiting from its overall sales momentum and favourable exchange rates.
"Our performance has been strong in the second-half of the year and we anticipate that full year profits will be in line with market expectations," said Group Chief Executive Steve Good in a statement.
The group said that the recent acquisition of Slovakian geosynthetics producer, Texiplast is performing well, and said that production is underway at its Saudi Arabian geotextile joint venture.
It said sales in its civil engineering division have picked up, as expected, after sales dropped due to bad weather conditions earlier in the year, but said that is has only been able to partially recover the first half shortfall. It said that this has been compensated for by a better than expected peak season for artificial grass yarns.
The international performance material group reported a 5% increase in sales in the third quarter on a constant currency basis.
Low & Bonar shares were trading 1.7% higher Thursday morning, trading at 76.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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