6 Jun 2014 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 2014. The Group expects to report its half-year results on 10 July 2014.
The Group has made good progress in the first half of the year with sales on a constant-currency basis expected to be some 10% ahead of the same period last year. As anticipated, Civil Engineering and Building Products sales were significantly ahead of a weak prior-year comparative. Industrial and Leisure sector sales also grew strongly. Overall demand was more muted in Flooring and Automotive markets despite good progress in the APAC region.
The Group's results will be more second half biased than in previous years, reflecting the acquisition of Texiplast. Trading momentum is good entering this traditionally stronger period and we remain confident that the Group will deliver another year of significant financial progress, notwithstanding foreign exchange rate headwinds.
As announced separately, Brett Simpson will succeed Steve Good as Group Chief Executive on8 September 2014.
6 June 2014
For further information, please contact:
Low & Bonar PLC | 020 7535 3180 |
Steve Good, Group Chief Executive | |
Mike Holt, Group Finance Director | |
Instinctif Partners | 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.