Outlook: Organisation change, strategy intact
A capital markets day (CMD) earlier this year refreshed Low & Bonar’s (LWB) existing group strategy and laid down longer-term management aspirations for accelerated growth under a new organisational structure. Subsequent to the CMD, FY15 guidance was reiterated with H115 results. The share price has seen a partial re-rating this year and, with rising earnings expectations, there is scope for this to continue, in our view.Low & Bonar manufactures and supplies performance materials commonly referred to as technical textiles. Co.'s business units are: Building and Industrial, which supplies technical textile solutions for applications in air and water filtration, building and roofing; Civil Engineering, which supplies woven and non-woven geotextiles and construction fibers used in infrastructure projects, including road and rail building, land reclamation and coastal defense; Coated Technical Textiles, which supplies a range of technical coated fabrics; and Interiors and Transportation, which supplies technical fabrics used in transportation, interior carpeting, resilient tiles and decorative products.
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