6 Jun 2013 07:00
LOW & BONAR PLC
Pre-Close Trading Statement
Low & Bonar PLC ("the Group"), the international performance materials group with leading positions in niche industrial markets, today provides an update on trading for the six months ended 31 May 2013. The Group expects to report its half-year results on 4 July 2013.
Sales within the Flooring, Industrial, Transport and Artificial Grass Yarns sectors were comfortably ahead of last year. Demand in our Civil Engineering and Building Products markets has been adversely affected by the particularly harsh weather conditions across Europe, which continued through to the middle of April. As anticipated, sales in these sectors improved as the weather conditions reverted to seasonal norms and this contributed to a strong end to the half year with Group sales per working day being 7% higher than last year during the final six weeks of the period.
Despite the slow start to the year the Group has continued to build organisational capability to support future growth and, as a result, first half profits will be circa £2m lower than last year. However, with the Group entering its traditionally stronger second half of the year with good momentum and exchange rates being more favourable, we still anticipate full-year profits to be in-line with our expectations.
6 June 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.