Materials business reports 13% in turnover despite tought trading conditions.
Building materials supplier Low and Bonar has reported a 13% rise in turnover over the last year despite tough market conditions.
The supplier saw turnover rise from £201.7m to £227m during the financial year ended 30 November 2005. Pre-tax profit rose 4% to £12.6m across the same period.
The company said its performance had been boosted by a restructuring of the business. During the year, the firm offloaded its plastics division and now focuses on its floors and yarns and fabrics businesses, where it made three acquisitions during the year,
"2005 has continued the progress of the last two years, notwithstanding some tough conditions in the operating environment."
Chief executive Paul Forman
Chief executive Paul Forman said: "2005 has continued the progress of the last two years, notwithstanding some tough conditions in the operating environment. This progress has resulted in a satisfactory operating profit for the year and another year of profit growth. The acquisitions and the disposal of Plastics have left the Group strategically and financially set to deliver further progress in 2006.'
The company announced in December that it had received an initial approach from a third party with a possible view to a takeover bid. However, Low and Bonar announced today that talks had ended without a formal offer being made for the company.