Low & Bonar on track for full year

6th Jun 2013 07:30

Industrial fabric maker Low & Bonar said first half profits will be around 2m pounds lower than the previous year but as it enters a traditionally stronger second half, it still expects full year profits to be in line with company expectations.In an update for the six months ended May 31st 2013, the Dundee based group which makes monofilament and fibrillated synthetic yarns used in the construction of artificial grass for sports, said sales within the Flooring, Industrial, Transport and Artificial Grass Yarns sectors were comfortably ahead of last year. Demand at its Civil Engineering and Building Products markets were adversely affected by the particularly harsh weather conditions across Europe, which continued through to the middle of April. Low & Bonar said, 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," the group said in a statement."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." Low & Bonar expects to report its half-year results on July 4th 2013. CJ