Update: Tougher H2 reflected in flat FY14 outturn
The likely FY14 outturn is expected to be within lowered guidance at the beginning of Q4 (when weaker Civils trading and a slower JV ramp were first flagged) leaving a flat profit profile. The rating reflects this and suggests that a re-rating is possible if strategic growth targets can be delivered. Ahead of that, a yield approaching 6% offers income attraction.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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