20 Dec 2017 07:00
20 December 2017
LOW & BONAR PLC
('Low & Bonar', 'the Company' or 'the Group')
Resignation of Group Chief Executive and appointment of Interim Group Chief Executive
Board Change
The Board of Low & Bonar announces that Brett Simpson, who has been with the Group since September 2014, has resigned from his position as Group Chief Executive. Brett will step down from the Board immediately but will remain an employee until 30 April 2018 when he leaves the Company to join Fenner PLC.
Trudy Schoolenberg, currently a non-executive Director of the Company, has been appointed as Interim Group Chief Executive with immediate effect pending the appointment of a permanent Chief Executive. Trudy has been a non-executive Director of Low & Bonar for four years and has extensive executive experience in the chemical, technology and petrochemical sectors with significant engineering and product development expertise from over 20 years' spent at Royal Dutch Shell. Trudy is also a non-executive director at Spirax-Sarco Engineering plc. Trudy will lead the Group on a day to day basis, in conjunction with Philip de Klerk, Group Chief Financial Officer.
Trading update
Whilst market conditions for the Group as a whole have remained stable since the trading update on 16 October 2017, full year outturn will reflect a weaker than expected final quarter in the Coated Technical Textile business unit as a result of an adverse product mix and sales timing. As a result, the Board expects to report full year adjusted profit before tax (before amortisation and non-recurring items) for the year ended 30 November 2017 of between £30m and £31m and net debt, as at 30 November 2017, of approximately £138m. Low & Bonar will announce its final results on 31 January 2018.
Low & Bonar | +44 (0)20 7535 3180 |
Martin Flower | |
Philip de Klerk | |
Instinctif Partners | +44 (0)20 7457 2020 |
Matthew Smallwood | |
Helen Tarbet |
Notes
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
The remuneration arrangements in relation to Brett Simpson's departure from the Board will be determined in accordance with the Company's shareholder approved directors' remuneration policy, and details will be made available on www.lowandbonar.com in accordance with section 430(2B) of the Companies Act 2006.