Update: Investing for growth
Although not reflected in headline financial progress, the benefits of recent investment were seen in improved performance in two of Low & Bonar’s three divisions. Bonar, the largest division, is also investing for growth but weak civils demand affected FY14 profitability. We expect the new CEO to endorse and refresh the existing strategy later this year as the company targets improved financial performance. While the share price showed a positive response to the results announcement, the rating still offers investors a balance between reasonably priced growth and income.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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