Low & Bonar H1 Profit Surges

Low & Bonar PLC posted a 42 percent gain in its pretax profit for the six months ended May 31. Low & Bonar's pretax profit for the year climbed to 7.4 million pounds ($11.59 million), versus a year-ago profit of GBP5.2 million. Its revenue slipped to GBP186 million from GBP196.3 million. The company's operating margin widened to 6.8 percent from 5.9 percent. Low & Bonar's board proposed an interim dividend of 0.98 pence per share, versus 0.95 pence per share, a year ago. Chairman Martin Flower said, "We have made steady progress in the first half buoyed by favourable raw material pricing. It is gratifying to see profit increases and market share gains in most sectors."