Shares in Low & Bonar pushed ahead after the performance materials group named its new chief executive and said it expected to make “significant financial progress” this year.
The firm yesterday confirmed that Brett Simpson, former chief executive of Belgium-based LBC Tank Terminals, would take over from outgoing CEO Steve Good following a handover period in September.
The move follows a four-month long international search for a replacement for Mr Good, who has led the business since 2009.
The company has more than 2,000 staff group-wide and operates a major carpet backing and synthetic grass surfaces manufacturing facility at Caldrum Works in Dundee.
L&B said the Australian national would take up his new post on September 8.
Prior to his five-year tenure at LBC, Mr Simpson worked for 23 years with the Dow Chemical Company in a variety of international roles.
“We are delighted to welcome Brett Simpson to Low & Bonar,” L&B chairman Martin Flower said.
“His extensive international experience in general management, marketing and commercial and production roles in the chemical and plastics sector will be of great benefit to Low & Bonar as we embark on the next stage of our development to establish ourselves as a global performance materials business.
“The group has benefited greatly from Steve Good’s leadership over the last five years and is well positioned to continue to grow profitably in the future. We shall miss him and we all wish him an enjoyable and fulfilling future.”
In its pre-close trading update for the six months to May 31, L&B said it had made “good progress” in the first half of the year, with sales ahead 10% on a constant currency basis.
The firm said civil engineering and building projects sales were significantly ahead of weak comparatives from last year, while its industrial and leisure operations had also seen strong uplifts.
However, demand for its flooring and automotive products was “more muted” despite progress in Asia Pacific.
The company will release results for its first six months of the year on July 10 but said it expected the majority of the financial uplift to come in the second half.
“Trading momentum is good entering this traditionally stronger period, and we remain confident the group will deliver another year of significant financial progress, notwithstanding foreign exchange rate headwinds,” the firm said in a statement.
Shares in Low & Bonar closed the day up 1.75p or 2.18% at 82p.