6th Jun 2014 08:14
LONDON (Alliance News) - Low & Bonar PLC Friday reported good trading momentum as it enters the traditionally stronger second half of its financial year, crediting its GBP16.0 million acquisition of Slovakian engineering products producer Texiplast last September.
Low & Bonar added it is confident of a year of significant financial progress in spite of negative foreign exchange movements.
The supplier of yarns, fabrics and fibres that can be used in areas such as civil engineering, commercial building and even artificial grass for sports, said that it has also found a successor to Chief Executive Steve Good, after announcing his retirement in February. Brett Simpson, the former CEO of Belgium-based LBC Tank Terminals Group from 2009 to 2014, will take on the role from September 8. Good will retire at the end of that month.
The company said that sales on a constant currency basis in half-year that ended May 31 are expected to be some 10% ahead of the corresponding period last year.
Within its civil engineering and building products units, sales were significantly ahead, which had been expected due to the prior year's weakness, while industrial and leisure sales also grew strongly. However, demand was more muted in flooring and automotive markets, despite progress in the Asia-Pacific, according to Low & Bonar.
The company said it expects to report full half-year results on July 10.
Low & Bonar shares were Friday quoted at 81.94 pence, up 2.1%.
By Samuel Agini; [email protected]; @samuelagini
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