Fiberweb, an international industrial fabrics producer, saw its share price leap 24% after saying that it plans to sell the majority of its Hygiene business, which would allow the firm to repay all of its existing debt.
The remaining more focused Industrial business will employ a much strengthened balance sheet to accelerate its development towards its target of becoming a leader in attractive segments of the growing markets for technical fabrics and geosynthetics.
Meanwhile, the company's trading volumes in the period were stable, though weaker than expected, for the 19 weeks to 10 November, resulting in year-to-date growth of around 2%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In Industrial, shipments to residential construction customers in Europe and North America were lower, impacted by weak markets, while Filtration sales have been stable.
The firm pointed out that the sharp increase in raw material prices in the first half has materially abated and average polymer prices are now close to the level seen at the start of the year, but said the full extent of the margin recovery has been limited by increases in other input costs.
The share price rose 24.07% to 50.25p from 09:57.
NR
-
Zoopla: UK house price growth hits three-year high amid stamp duty rushZoopla's latest house price index reveals house price growth as buyers rush ahead to avoid avoid higher stamp duty bills from April
-
"I can't afford to pay my tax bill, what help can I get from HMRC ?"Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
