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27 Nov 2008 07:00
Low & Bonar PLC
Full year trading update
Low & Bonar PLC (the "Group"), the international performance materials group, confirms that trading for the year ending 30 November 2008 is in line with our expectations and unchanged from the Interim Management Statement of 16 October 2008.
The disposal of the Group's Flooring Division, completed in September 2008, has substantially reduced our debt. Net debt at the year end will be approximately £110 million, in line with the Board's expectations. We expect to remain comfortably within our financing covenants and our bank loan facilities are committed until December 2011.
As a result of recent management actions, our business is now clearly focused on attractive, niche markets within the technical textiles sector with long term growth characteristics, extensive geographic reach and diverse end markets.
ENDS
Low & Bonar plc +44(0) 20 7535 3180
Paul Forman, Chief Executive
Kevin Higginson, Finance Director
Hogarth Partnership Limited +44 (0) 20 7357 9477
Rachel Hirst / Andrew Jaques / Ian Payne
This trading update contains forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements should be regarded with caution because of the inherent uncertainties in economic trends and business risks. Other than in accordance with its legal or regulatory obligations, neither the Group nor anyone acting on its behalf undertakes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this statement should be construed as a profit forecast.
A copy of this Statement together with all other recent announcements can be found on the Group's website at www.lowandbonar.com/lwb/investor/rns/
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