Investment summary

FY11 results reflected previous management comments. Four of the six sectors served grew revenues in the 14-20% range with Leisure (especially artificial grass yarns) providing the only minor drag. Higher polymer prices took longer to recover in Technical Coated Fabrics but margins moved ahead in Performance Technical Textiles and for the group as a whole during the year. Plans to become a more global player in performance materials are progressing and further investment in group infrastructure is being made in product development and extending business reach (including the Xeroflor acquisition). At the start of FY12, Q1 trading was ahead of last year.

Last updated on 23/04/2012

Industry outlook

Management aims to double earnings within four years to 2013, representing organic growth of c 15% pa, derived from a flagged 10% return on sales and a revenue uplift in excess of GDP growth. With sector diversity, some of this will come from the cycle and company initiatives with new products and markets are also expected to be key drivers.

Last updated on 23/04/2012