Materials group says cost-cutting has improved performance although still behind last year's figures

Materials group Low & Bonar expects improved performance in its second half results following 鈥渄ecisive鈥� cost-cutting actions, it said this morning.

In a brief update to the stock market covering the period from 1 June to 19 October, the group said the improvement in second half sales levels was in line with expectations, despite remaining significantly below last year鈥檚 figures.

It said actions to reduce cost within the business, combined with lower raw material prices, were mitigating the impact of lower volumes on profits.

The statement said: 鈥淲e continue to expect that, with our normal seasonal trends, second half profits and net debt will be materially improved compared to the first half and remain in line with our expectations. 鈥�

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