Textile firm all at sea after revenues sink

ITS durable products might have helped competitors in one of the world’s toughest boat races, but a textiles business’ shares proved to be fragile yesterday.

Low & Bonar’s stock plunged nearly 20pc after it warned profits for the year will be lower than anticipated.

The business, whose highperformance fabrics have been used to build inflatable boats taking part in the gruelling 500-mile Trans Agulhas race in South Africa ( pictured), said revenues fell in the first quarter of the year. Analysts had been expecting profits of £19.8m this year, following a loss of £42.2m last year. Shares fell 19.8pc, or 3.38p, to 13.62p.

The firm, which traces its roots back to Scotland in 1903, said business was hit by a number of issues, including a fire at a plant in the Czech Republic.

Its materials have been used to build stadium roofs, drainage for sports fields, truck tarpaulins and mats to prevent erosion along waterways.