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Profits rocket at materials group

Specialist materials group Low & Bonar saw pre-tax profits climb 52 per cent to £22.4 million for the year ending November 2007.

Turnover rose by 39 per cent to £311.8 million, which the company said was across the business as well as from Dutch nonwoven firm Colbond and Hungarian geotextile company Geotipptex - two businesses it bought in 2006.

Low & Bonar employs over 2,500 people in 20 main operations in Europe, China and the United States and recently acquired coated fabrics producer Mehler Texnologies Group and Westbond, who make fusion bonded carpet tiles.

In an upbeat statement, chairman Duncan Clegg said: “We believe that our businesses are well positioned to take advantage of the significant opportunities we see ahead and expect continued progress in both divisions over the coming year.

“Our end markets – with their negligible exposure to any downturn in consumer confidence – continue to look resilient. The start of our new financial year has been in line with our expectations.”

Earnings per share increased by 16 per cent to 10.16p, with the final dividend up by 11 per cent to 3.1p.

By Tariq Tahir