Low & Bonar – “Disposal of Needle-Punched Non-Wovens business”. Still ‘good luck Daniel’?

Previously writing on Low & Bonar (LWB), in May I noted “net debt at mid-year expected to be below £110m” – that comparing to £128.5 million at the 30th November 2018 year-end… but there has since been a more than £50 million equity raise! Overall, “the board has decided that a change of leadership is required to accelerate delivery of the transformation programme”. As such, CEO Philip de Klerk is being ‘stepped down’, with September 2018-commenced Chairman Daniel Dayan to become Executive Chairman and this situation to be “reviewed later in the year”. Good luck Daniel!. Today a “Disposal of Needle-Punched Non-Wovens business” announcement…

Low & Bonar – “Trading Update” & “Change of Leadership”. Uh oh…

“Trading Update” and “Change of Leadership” announcements from Low & Bonar (LWB). I’m guessing the former ain’t going to be good then!...

Low & Bonar (#LWB) – warns & CEO Philip de Klerk ‘stepped down’

Low & Bonar – warns on current trading, ‘expects improving trend during remainder of year’ BUT…

Announcing a £54 million equity raise at 15p per share towards the end of January, Low & Bonar (LWB) emphasised “a number of key strategic initiatives to drive sustainable improvement in the group's performance and financial position were implemented during Financial Year 2018. Progress has been made in all of these areas… Further initiatives will be implemented during Financial Year 2019 and the board is confident that these actions will build a stronger business and one capable of delivering sustainable growth and attractive, sustainable returns”. Today a “Trading Update”…

Low & Bonar (#LWB) – profit warning after Q1 “lower than expected profitability”

Low & Bonar (#LWB) – 82.82% open offer take-up, remaining shares allocated to placees

Low & Bonar – warns on performance & attempted discounted fundraising ahoy?

Previously writing on ‘specialist performance materials’ company Low & Bonar (LWB), I concluded “the shares have unsurprisingly sunk, currently to circa 40p. However, with present challenges aplenty, I currently retain previous caution – and note this a further reminder to be cautious of ‘greater second half weighting’ – particularly if amidst already clear challenges!” (see I suggested profit warning, it reckoned greater weighting to the second half). Today a further “Trading Update” – with a first bullet point being “tough market and trading conditions largely unchanged during fourth quarter”. Uh oh…

Low & Bonar (#LWB) – “tough market and trading conditions”, reviewing a potential equity issue

Low & Bonar – I suggested profit warning, it reckoned greater weighting to the second half…

In April the components of a trading update from Low & Bonar (LWB) saw me note a profit warning then, surely? Instead though the company went for “expects the group's financial results to have a much greater weighting to the second half than in the prior year”. With the shares then heading towards 50p, I concluded a second half reliance amidst clear challenges sees the stock on the bargepole list. Sell. Today another trading update…

Low & Bonar – reports Q1 revenue increase, why are the shares slumping?

Low & Bonar (LWB) has updated commencing “group revenue has increased in the first quarter of the year, despite challenging market conditions in Europe and the USA, led by growth in both the Building & Industrial and Interiors & Transportation businesses”. I though note the shares already down from over 80p in October and currently a further circa 7% down today, heading towards 50p…

Low & Bonar (#LWB) – reckons FY expectations unchanged, though with “a much greater weighting to the second half”. Hmmm!

Low & Bonar (#LWB) – civil engineering business challenges & review, expects FY “good progress overall” for group

Low & Bonar (#LWB) Trading update says FY PTP will be same as last time