Low & Bonar PLC, the Specialist Materials Group reports its results for the year ended 30 November 2006.
Financial Highlights: • Revenue increased by 28.0% to £224.5m (2005: £175.4m) • Operating profit increased by 27.8% to £17.0m (2005: £13.3m) • Profit before taxation, amortisation and non-recurring items increased 20.5% to £14.7m (2005: £12.2m). • Final dividend increased by 6.1% to 2.80p (2005: 2.64p) making 4.38p for the year (2005: 4.15p). • Basic earnings per share increased to 5.80p from a loss of 6.39p • Earnings per share before amortisation and non-recurring items of 8.75p (2005: 9.50p) • Successful £41.1m rights issue (net of costs) and increased debt facility of £175m.
Operational Highlights: • Acquisition of Colbond and Geo-Tipptex has doubled the size and strengthened the strategic position of the Technical Textiles Division. • Floors Division operating profit increased by 20.2% to £10.7m (2005: £8.9m) • Technical Textiles Division operating profit* increased by 23.0% to £9.1m (2005: £7.4m), despite £5m raw material and energy price increases.
Commenting on the results Duncan Clegg, Chairman said: "It is pleasing to report another year of encouraging progress and substantial growth, most notably through the acquisition of Colbond. Yet again we have seen progress in the underlying business notwithstanding a demanding raw material environment."
"We will retain our strategicfocus on the two core markets of contract flooring and technical textiles and I am confident we have the financial and commercial base to continue our recent record of significant growth both organically and from acquisitions."
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