- Performance materials group Low & Bonar warned lower-than-expected profitability in the first quarter amid weaker revenues and some manufacturing inefficiencies would dent full year performance.

'Despite some benefit from lower raw material costs, the weaker revenues and some manufacturing inefficiencies contributed to lower than expected profitability in the quarter, which the Board expects will have an impact on full year performance,' the company said.

This fall in revenue was blamed on reduced volumes in its Colbond and Coated Technical Textiles segments as result of legacy supply issues and intense competition.

A temporary increase in inventory as a result of the lower sales would be addressed during the year as part of a continued focus on working capital, the company said.

But the company said remained confident that it was taking the right actions to improve performance and create a strong long term growth platform for the group.

At 8:26am: [LON:LWB] Low Bonar PLC share price was -4.12p at 12.88p

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