Low & Bonar says Dec to date yoy sales fall
today Apr 17, 2009
April 17 (Reuters) - Specialist materials group Low & Bonar (LWB.L) said it continued to experience material falls in year-on-year sales volume from Dec. 1 to date as the strained global economic conditions continued.
Images from Low & Bonar's Annual Report 2008
It will take some time for a clearer picture of underlying trading conditions and the outlook for the group for 2009 to emerge, the company, which supplies yarns, fabrics and fibres to end markets like civil engineering, transport, sport and leisure, said.
The impact of the reduced sales on profit has been significantly mitigated by lower raw material prices and cost cuts, it said, adding that the savings from cost reductions are expected to be larger than estimated.
There were some signs of improvement in the total level of sales and order enquiries during March and early April in its civil engineering sector, its largest end market, which added 22 percent of sales in 2008, Low & Bonar said.
The company said its banking facilities are committed until December 2011. (Reporting by Ramkumar in Bangalore; Editing by Gopakumar Warrier)
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