Highlights

• Borrowings reduced by £3m in year – target reached of borrowings below £20m
• Progressive dividend policy maintained with a 10% increase in final proposed dividend to 0.77p (2004: 0.70p), making 1.1p (2004: 1.0p) in total
• Operating profits of £2.4m (2004: £7.1m) reflect difficult market conditions, significant raw material price rises and exceptional charges of £2.1m for bad debts and EGM costs
• Reshaping of the Group is progressing; Canadian operation closed and Umbrella Frames site being sold

Fibres
This division is involved in the manufacture of coloured polypropylene fibres and filament yarns which are supplied to a wide variety of end markets worldwide including automotive, floorcoverings, construction, food, environmental, technical products, industrial and filtration, geotextiles and home furnishings.

High performance coloured polypropylene fibres produced by us vary in gauge from 1 to 300 denier. They possess particular qualities such as colour consistency and fastness, strength and durability, all being key features demanded by customers in a number of our markets, especially automotive.

Our Fibres division is the largest producer of coloured polypropylene staple fibre in Europe and North America and is also the leading supplier to the US automotive industry.

Specialist coatings
This division is primarily involved in the manufacture of coated base paper and plastisols for the wallcoverings industry worldwide. Our products are available in a wide range of substrate types from paper to non-woven, some of which are also available in pre-pasted format.

Our Specialist Coatings business is the leading independent supplier in Europe and supplies products for end use in both the domestic and commercial markets. Customers include virtually all major wallpaper manufacturers and printers in the world’s largest markets of Western Europe, North America and Russia.

umbrella frames
This division is involved in the manufacture of specialist frames for sun, rain, sports, golf and promotional umbrellas. This division is the largest supplier of umbrella frames in Europe, with over 80% of sales being outside the UK.