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Fibres/​Yarns/​Fabrics

Low & Bonar reports increase in sales for the second half 2014

As anticipated in October’s interim management statement, sales for the second half of the year within Bonar were mixed.

11th December 2014

Innovation in Textiles
 |  London

Industrial, Civil Engineering, Construction, Interiors

On a like-for-like basis excluding Texiplast, which was acquired in the second half of the last year, sales were up by 5.5% up. Sales in the second half were 4.6% up overall, and 3.2% ahead on a like-for-like basis. The Group expects to report full year results on 3 February 2015.

Sales figures

As anticipated in October’s interim management statement, sales for the second half of the year within Bonar were mixed, albeit 2.1% ahead in aggregate on a like-for-like basis (+2.8% full year).

The Flooring division was up by 11.6% (+6.8% full year). The Civil Engineering was 5.1% down (-0.8% full year). The company expects the market to remain subdued into the first half of next year.

Building Products, after a strong start to the year, were 2.3% down in the second half (+4.4% full year); strong sales in the USA partially mitigated weak demand within Europe, the company reports.

Texiplast’s sales were £8.8 million for the full year, and £5.2 million in the second half. Technical Coated Fabrics were 6% ahead in the second half (+8.7% full year), and sales by Yarns were 1.5% above the second half of the last year results (+14.0% full year).

Outlook

Full year profit before tax, amortisation and non-recurring items is expected to be similar to last year, in spite of a £2.4 million headwind on translating overseas earnings into sterling. Net debt as at 30 November was £88 million.

www.lowandbonar.com

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