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Performance materials group Low & Bonar scrapped its dividend after reporting wider losses in the first half of the year following challenging conditions in a number of key end markets and a slow recovery in customer confidence in its coated textiles divisions.
For the six months ended 31 May 2019, pre-tax losses widened to £41.7m from £12.3m a year earlier as revenue declined 9.3% to £157.9m.
The company said it expected to savings of approximately £3m expected in 2019 from a year earlier, but also said 'heightened' uncertainty would likely continue into H2.
No interim dividend will be paid in light of the poor first half, the company said.
'It is evident that a number of the Group's end markets remain difficult and it is likely that heightened levels of uncertainty will persist into the second half,' the company said.
'Against this backdrop the Group is focused on delivering the benefits of the ongoing strategic initiatives and further cost saving actions in order to meet the Board's expectations for the continuing business for the remainder of the year.'
At 10:02am: (LON:LWB) Low Bonar PLC share price was -1.7p at 8.02p