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Fiberweb upgraded after interims
Tue, 07 Feb, 2012
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Fiberweb upgraded after interims
Thu, 5 Aug 2010, 14:10:00
Broker Panmure Gordon has upgraded its 2010 profit forecast by £1m to £10.5m for <b>Fiberweb</b> following the nonwoven products supplier's interim figures. The broker forecasts a slight dip in earnings per share to 9.2p in 2010. Fiberweb improved underlying operating profit by one-quarter to £13.6m in the first half of 2010. Revenues fell 5% to £231.7m but like-for-like trading volumes were 7% ahead. Underlying pre-tax profit improved from £4.5m to £6.9m but the second half is not expected to be as strong. However, the current profit forecast leaves room for further upgrades if trading continues to be strong. There was a sharp improvement in the margins of the industrial division and sales are sharply higher in the Americas. The division's revenues grew from £94.6m to £98.7m. Medical and civil engineering were strong sectors. Underlying operating profit jumped from £6m to £10.4m. The hygiene products division has been hit by higher raw material prices so its margin has dipped. Revenues fell from £147.9m to £133m and operating profit fell by nearly one-quarter to £6.6m. Borrowings remain high. Net debt edged up to £141.8m at the end of June 2010 but that was mainly due to high capital spending in the period. The interim dividend is maintained at 1.7p a share. An unchanged total dividend of 4.2p a share equates to a yield of 6.8% at a share price of 61.75p.
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