By
Reuters
Published
Jul 13, 2009
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Low & Bonar first half profit falls, scraps dividend

By
Reuters
Published
Jul 13, 2009

July 13 (Reuters) - Specialist materials group Low & Bonar Plc (LWB.L) posted a 14 percent fall in first-half adjusted pretax profit mainly on lower sales from the automotive and truck markets, and said it did not plan to pay an interim dividend.



However, the company said it expected a materially improved second-half profit as it saw a slight recovery in year-on-year overall sales and, as a result, its full-year profit forecast remained unchanged.

Low & Bonar -- a supplier of yarn, fabric and fibre to end markets like civil engineering, transport, sport and leisure -- had paid an interim dividend of 1.925 pence last year.

For the six months ended May 31, the company said its pretax profit before amortisation and non-recurring items fell to 5.1 million pounds from 5.9 million pounds last year. Revenue decreased 11 percent to 130.5 million pounds.

Low & Bonar shares closed at 25 pence on Friday 10 July on the London Stock Exchange. (Reporting by Tresa Sherin Morera in Bangalore; Editing by Anne Pallivathuckal)

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