Updates

Low & Bonar -Should benefit from Sterling weakness

March 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Low & Bonar has reported a pleasing set of results for 2009. Excluding the positive impact of exchange rates on sales, H1 sales fell 29% and whilst H2 recovered sharply it was still down 14% - this resulted in sales overall for the year being down 22% to Â£305m. Pretax profit before exceptionals was Â£15.8m, down from Â£16m last year. Adjusted eps was 4.4p.Low & Bonar operates as two businesses: Performance Technical Textiles (PTT) and Technical Coated Fabrics (TCF). PTT supplies geotextiles, artificial grass yarns, carpet tile backing and construction fibres to the civil engineering, carpet tile, leisure and construction sectors. It clearly demonstrated the better H2 trend, helped by improvements in civi ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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