Low & Bonar second quarter in line

4th Jun 2009 08:54

Materials firm Low & Bonar said its recent improving trends have continued and overall performance for the second quarter has been in line with expectations."Although sales have remained significantly lower than in 2008, with February representing the low point, the Group has seen an improvement over the last three months," it said.Geographically, the Middle East and Asia remain areas of comparative sales strength.The group said it continues to benefit from lower raw material costs, which in aggregate have remained broadly unchanged throughout the second quarter although future trends remain difficult to predict. Tight cost controls remain in place, with the group having reduced its workforce by 12% compared to a year ago."The board continues to believe that the strategy, end-market diversity and market positioning of the Group will create further opportunities for market share gain in the current demanding environment," it said.