Low & Bonar Reintroduces Interim Dividend On Swing To 1H Profit

13th Jul 2010 07:51

LONDON (Dow Jones)--Yarns, fabrics and flooring products supplier Low & Bonar PLC (LWB.LN) Tuesday reintroduced an interim dividend following a swing to a first-half pretax profit on the continued improvement in sales. The firm said it saw a much-improved sales pattern in its second quarter, which has continued in to the start of the second half. Revenue in the six months to May 31 increased to GBP155.8 million from GBP139.5 million, driven by a 15.2% rise in sales from its technical coated fabrics division and a 13.6% rise in performance technical textiles sales. It swung to a GBP7.9 million pretax profit from a GBP5.8 million loss a year earlier. The group booked GBP10.9 million of costs during its first half last year after it restructured part of its business and terminated some bank facilities. Low & Bonar reintroduced a midway dividend of 0.5 pence a share, having scrapped an interim dividend at the same point last fiscal. It said this reflects an improved financial position and trading performance as well as confidence in its outlook. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; [email protected] Order free Annual Report for Low & Bonar PLC Visit http://djnweurope.ar.wilink.com/?ticker=GB0005363014 or call +44 (0)208 391 6028 (END) Dow Jones Newswires July 13, 2010 02:51 ET (06:51 GMT)