17 Oct 2013 07:00
LOW & BONAR PLC
Interim Management Statement
Low & Bonar PLC ("the Group"), the international performance materials group with leading positions in niche industrial markets, today issues its interim management statement for the period since 31 May 2013.
When we announced the acquisition of Texiplast and associated share placing on 6 September, we reported that third quarter sales on a constant currency basis were 5% higher than the corresponding period last year. This growth has continued into the Group's traditionally strong fourth quarter, with underlying sales being comfortably ahead of the second half of last year. As anticipated, sales in Civil Engineering have picked up after the adverse impact of abnormal weather conditions earlier this year but have only partially recovered the first half shortfall. This has been compensated for by a better than expected peak season for artificial grass yarns. Given our overall sales momentum, we expect full year sales and profits to be ahead of last year and, with the continued benefit of favourable exchange rates, in line with market expectations.
Throughout the year the Group has continued to invest to accelerate growth and to improve organisational capability. Production is underway at our Saudi Arabian geotextile joint venture and the recent Texiplast acquisition is performing well.
Steve Good, Group Chief Executive, said:
"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."
17 October 2013
For further information, please contact:
Low & Bonar PLC | 020 7535 3180 |
Steve Good, Group Chief Executive | |
Mike Holt, Group Finance Director | |
College Hill | 020 7457 2020 |
Matthew Smallwood | |
Helen Tarbet |
Forward looking statements
This announcement includes statements that are, or may be deemed to be, "forward looking statements". These forward looking statements can be identified by the use of forward looking terminology, including, but not limited to, the terms "believes", "estimates", "anticipates", "expects", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward looking statements include matters that are not historical facts.
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 are not guarantees of future performance. The Group's actual results of operations, financial condition and liquidity may differ materially from the impression created by the forward looking statements contained in this announcement. In addition, even if the results of operations, financial condition, and liquidity are consistent with the forward looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. Important factors that could cause these differences include, but are not limited to: changes in the competitive framework in which the Group operates and its ability to retain market share; the Group's ability to generate growth or profitable growth; the Group's ability to generate sufficient cash to service its debt; the Group's ability to control its capital expenditure and other costs; significant changes in exchange rates, interest rates and tax rates; significant technological and market changes; future business combinations or dispositions; and general local and global economic, political, business and market conditions. In light of these risks, uncertainties and assumptions, the events described in the forward looking statements in this announcement may not occur.
Other than in accordance with its legal or regulatory obligations, the Group does not undertake any obligation to update or revise publicly any forward looking statement, whether as a result of new information, future events or otherwise.