This Letter presents the results of a direct search with the ATLAS detector at the LHC for a Standard Model Higgs boson of mass 110≤mH≤130GeV produced in association with a W or Z boson and decaying to bb'. Three decay channels are considered: ZH→l+l-bb', WH→lνbb' and ZH→νν'bb', where l corresponds to an electron or a muon. No evidence for Higgs boson production is observed in a dataset of 7TeV pp collisions corresponding to 4.7fb-1of integrated luminosity collected by ATLAS in 2011. Exclusion limits on Higgs boson production, at the 95% confidence level, of 2.5 to 5.5 times the Standard Model cross section are obtained in the mass range 110-130GeV. The expected exclusion limits range between 2.5 and 4.9 for the same mass interval.
