LONDON (Alliance News) - Performance materials group Low & Bonar PLC Tuesday said it has made a positive start to the year, with sales comfortably ahead of last year.
Low & Bonar said that sales to the civil engineering, building products, industrial and leisure sectors have performed particularly strongly since the start of the year, and the group as a whole remains on track to deliver another year of significant progress.
However, the group reiterated that since the year end, the strength of the sterling has hit its sales and profits. "Based on current exchange rates, the projected impact on current year reported profits, as previously noted, would be around GBP2 million in comparison to last year's average rates," it said.
The group said that the integration of its recently acquired Texiplast business, now renamed Bonar Geosynthetics, is well underway. It said the business is performing well and the commercial synergies are beginning to come through, as planned.
Shares in Low & Bonar were trading 0.6% higher at 85.00 pence per share Tuesday afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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