Low & Bonar tanks as CEO is poached by Fenner, warns on profit

Brett, who has been with the group since September 2014, will remain an employee until the end of April next year, and take up the role of CEO at Fenner in May.

Non-executive director Trudy Schoolenberg has been appointed interim group chief exec with immediate effect pending the appointment of a permanent CEO. Low & Bonar said she has extensive executive experience in the chemical, technology and petrochemical sectors with significant engineering and product development expertise from over 20 years spent at Royal Dutch Shell.

Schoolenberg will lead the group on a day to day basis, in conjunction with chief financial officer Philip de Klerk.

Also on Wednesday, the company said that while market conditions as a whole have remained stable since the update in October, 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, it now expects to report full year adjusted profit before tax for the year to the end of November 2017 of between £30m and £31m and net debt, as at 30 November, of around £138m.

At 1000 GMT, Low & Bonar shares were down 18.8% to 55p, while Fenner shares were off 5.3% at 386p.