Trudy Schoolenberg, currently a non-executive Director of the Company, has been appointed as Interim Group Chief Executive with immediate effect pending the appointment of a permanent Chief Executive. Trudy has been a non-executive Director of Low & Bonar for four years and has extensive executive experience in the chemical, technology and petrochemical sectors with significant engineering and product development expertise from over 20 years' spent at Royal Dutch Shell. Trudy is also a non-executive director at Spirax-Sarco Engineering plc. Trudy will lead the Group on a day to day basis, in conjunction with Philip de Klerk, Group Chief Financial Officer.
Trading update
Whilst market conditions for the Group as a whole have remained stable since the trading update on 16 October 2017, full year outturn will reflect a weaker than expected final quarter in the Coated Technical Textile business unit as a result of an adverse product mix and sales timing. As a result, the Board expects to report full year adjusted profit before tax (before amortisation and non-recurring items) for the year ended 30 November 2017 of between £30m and £31m and net debt, as at 30 November 2017, of approximately £138m. Low & Bonar will announce its final results on 31 January 2018.