Low & Bonar Chairman buys 50,000 shares following strong year

6th Feb 2013 16:29

Martin Flower, the Chairman of industrial fabric maker Low & Bonar, announced Wednesday that he had bought 50,000 shares in the company, just one day after the group announced plans to increase its dividend payment by 14.3 per cent. Flower, who has held his role at the company since January 2007, acquired the shares at 63.36p each, costing a total of £31,680. In its final results for the year ended November 30th, the maker and supplier of technical textiles said profit before tax, amortisation and non-recurring items from continuing operations increased by 4.7% to £24.5m and rose 10.7% on a constant currency underlying basis. Revenue on a constant currency basis rose 2.6% to £380.5m. Operating profits were 5.2% higher on an underlying basis. Operating margins edged up to 8.0% from 7.9% in 2011 while earnings per share rose by 5.0%. Speaking on Tuesday Flower said: "These are good results during a period of continued macroeconomic challenge, particularly within Europe, providing further evidence of the quality and resilience of our business and its growth prospects. "To enhance these growth prospects, the group has made significant investments in reorganising its activities, building capability and extending capacity in attractive segments and geographies." The purchase takes his stake in the company to 438,142 shares. Top Director BuysNorth Atlantic Smaller Companies Inv Trust (NAS) Director name: Mr Christopher H B MillsAmount purchased: 20,000 @ 1,318.00p Value: £263,600Bank of America Corp. (BAC) Director name: Mr Arnold W DonaldAmount purchased: 3,930 @ $11.71 Value: $46,020Bank of America Corp. (BAC) Director name: Mr Lionel L. NowellAmount purchased: 3,930 @ $11.71 Value: $46,020Gold Oil (GOO) Director name: Mr Rudolph BerendsAmount purchased: 2,000,000 @ 1.85p Value: £37,000Low & Bonar (LWB) Director name: Mr Martin FlowerAmount purchased: 50,000 @ 63.36p Value: £31,680NR