The Courier & Advertiser (Fife Edition)
Textiles firm’s ‘good start’ to year
Shares in textiles group Low & Bonar edged ahead yesterday after the Dundee-founded firm declared a “good start” to the year.
In a trading update ahead of its annual meeting, the company told investors it was on track to hit financial targets for the year.
It said: “Overall, the group has made a good start to the year.
“The board continues to believe that 2017 will be a year of significant progress, and remains confident in its expectations for the full year.
“The group continues to make progress with its strategic initiatives.”
Following the market update, the group held its annual meeting at the Royal Institution of Great Britain in London.
All 17 resolutions raised at the meeting, including the remuneration policy and report and the proposed re-election of the directors, were duly passed by shareholders.
The company has strong ties to Dundee having originally being founded as a merchanting operation by John Low and George Bonar in 1903.
More than a century later, the group continues to have a presence in its home city today through its operation at Caldrum Works.
However, the unit has been scaled back in recent years and Low & Bonar’s decision to sell its artificial grass business to Mattex Group for £22.75 million cost around 30 jobs in the city.
The Dundee site now employs around 50 staff making carpet-backing products.
In February, the group, which has a global footprint with operations in China, Hungary and Slovakia, reported a 10% rise in turnover to £400m for the year to November 30.
Pre-tax profits came in at £29.2m for the period.