Good morning, it's Paul here.

It's very quiet for news today, so I'm going to run some errands now, then come back later to report on what looks like a profit warning from Low & Bonar (LON:LWB) and an update from Avation (LON:AVAP) .  IQE (LON:IQE) looks interesting too, although it's probably too large for me to be covering it here (although have done in the past). I think expectations for IQE were already baked in for out-performance against existing forecasts, hence the muted response to a good update today.

Quiet days are handy, as it gives me a good chance to catch up with some reading of broker notes, etc. Plus of course battling the ongoing daily burden of vast quantities of incoming & backlogged emails!




Low & Bonar (LON:LWB)

Share price: 54.0p (down 20.3% today)
No. shares: 329.7m
Market cap: £178.0m

Directorate change (and a profit warning) - this is really out of order, to bury a profit warning in an announcement about a Directorate change. There clearly should have been 2 separate RNSs, one to inform that the CEO has resigned, and another RNS to give a trading update. This is a "performance materials" group. 

The CEO has stepped down from the Board immediately, so clearly something must have gone wrong. However, as the CEO is remaining with the company as an employee until 30 Apr 2018, that suggests there's nothing scandalous (e.g. gross misconduct) about his departure.

A NED called Trudy Schoolenberg is taking over as interim CEO.

Trading update - I like that specific figures are given;

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…

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