Specialist nonwoven fabrics producer Fiberweb plc (FWEB.L), Friday announced preliminary results, reporting narrower loss before tax for the full-year 2009, despite lower revenue. The results reflect improved margins and reduced charges. The company maintained its final dividend. Shares of the company are down by more than 7% on the morning trade.
For the year, loss before tax was GBP 6.1 million compared to GBP 25.2 million last year. Profit attributable to equity holders was GBP 0.5 million or 0.4 pence per share compared to a loss of GBP 22 million or 18 pence per share last year.
Total income tax credit for the year was GBP 6.6 million compared to GBP 3.2 million last year.
Excluding special items, underlying profit attributable to equity holders of the parent was GBP 11.9 million or 9.5 pence per share compared to GBP 9 million or 7.3 pence per share last year.
Special items for the year include, among others, GBP 13.4 million write-down of plant and equipment, GBP 2.1 million gain on sale of production equipments and GBP 6.0 million other restructuring costs. Prior-year items include, impairments and write-downs of GBP 20 million related to Hygiene production equipment, GBP 3 million profit on disposal of 15% equity investments and restructuring costs of GBP 23 million.
Malcolm Coster, chairman, commented on the results, "The success of the restructuring actions of the past three years is apparent in these strong 2009 results and the Board believes that this marks the end of the turnaround phase for the Company."
Revenue from continuing operations declined 11.4% to GBP 454.2 million from GBP 512.8 million last year, largely reflecting reduction in average raw material prices, which feeds through to sales with a lag of around 3 months, and the dramatic market conditions. On a like-for-like basis, adjusting for business disposals, and at constant currency, sales of GBP 426.1 million were 16% down year-over-year.
Segment-wise, revenue from Hygiene segment was GBP 271.5 million compared to GBP 325.2 million last year. Hygiene volumes fell by 8% impacted negatively by the disposal of Consumer Fabrics operations at Washougal, US and Queretaro, Mexico to the FitesaFiberweb JV. Within the segment, in Consumer Fabrics like-for-like volumes fell by 9% and sales were down by 20% and in the Airlaid business, now only present in China, volumes fell 23% and sales fell by 13.7%, on constant currency.
Industrial segment's revenue fell 15% to GBP 182.7 million from GBP 187.6 million last year, reflecting 20% lower volumes as a result of the significant macro-economic influences. Revenue from Industrial division in the Americas dropped by 23% as construction markets continued to be depressed and from the European Industrial division dropped 7%, excluding the acquired Coronor sales.
The directors recommend a final divided of 2.50 pence per share, to be paid on May 27, 2010 to shareholders on the register April 23. Final divided for prior year was 2.50 pence.
FWEB.L shares are currently trading at 50.90 pence per share, down 7.41% on the London Stock Exchange.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.