Pre close trading update

RNS Number : 3560T

Avon Rubber PLC

03 October 2014

 

Strictly embargoed until 07:00 Friday 3 October 2014

AVON RUBBER p.l.c. ("Avon", the "Group" or the "Company")

Pre-close trading statement for the year ended 30 September 2014

Avon is pleased to report that trading in the second half of the financial year has continued to be strong. Currency headwinds have also reduced since the trading update made on 5 August 2014. The Board therefore expects that the full year result will be comfortably ahead of current market expectations.

In Protection & Defence, in the second half of the financial year we have achieved a richer sales mix than previously expected, driven predominantly by a Middle Eastern order that we were able to ship earlier than anticipated. Operational flexibility to meet this customer's requirement at short notice was achieved by switching production from DoD orders and means that we will carry forward a stronger DoD order book into the 2015 financial year, with order coverage for the first half of 2015.

Trading in the Dairy business has been at a level ahead of the previous year, as we expected it would be, with the innovative Cluster Exchange service continuing to make excellent progress in both North America and Europe.

Balance sheet

The Group has driven a strong conversion of profits into cash, including accelerated payments from a major customer ahead of its financial year-end; net cash on 30 September 2014 is expected to be approximately £2.9m, compared with net debt of £10.9m on 30 September 2013.

Year-end announcement

The Group will announce its results for the financial year to 30 September 2014 on Wednesday 19 November 2014.

For further enquiries, please contact:

Avon Rubber p.l.c.
Peter Slabbert, Chief Executive	01225 896831
Andrew Lewis, Group Finance Director	01225 896830
Sarah Matthews-DeMers, Group Financial Controller	01225 896835
Sophie Williams, Group Public Relations Manager	01225 896563
Weber Shandwick Financial
Nick Oborne	020 7067 0700

Note to editors: The Group has transformed itself over the past five years into an innovative design and engineering group specialising in two core markets, Protection & Defence and Dairy. With a strong emphasis on research and development we design, test and manufacture specialist products from a number of sites in the US and UK, serving markets around the world. We achieve this through nurturing the talent and aspirations of our employees to realise their highest potential.

Avon Protection is the recognised global market leader in advanced Chemical, Biological, Radiological and Nuclear (CBRN) respiratory protection systems technology for the world's military, homeland security, first responder, fire and industrial markets. With an unrivalled pedigree in mask design dating back to the 1920's, Avon Protection's advanced products are the first choice for Personal Protective Equipment (PPE) users worldwide and are placed at the heart of many international defence and tactical PPE deployment strategies. Our expanding global customer base now includes military forces, civil and first line defence troops, emergency service teams and industrial, marine, mineral and oil extraction site personnel. All put their trust in Avon's advanced respiratory solutions to shield them from every possible threat.

Our world-leading Dairy business and its Milkrite brand have a global market presence. With a long history of manufacturing liners and tubing for the dairy industry, Milkrite has become the leading innovator and designer for products and services right at the heart of milking. Our goal is always to improve and maintain animal health. Working with the leading scientists and health specialists in the global dairy industry we continue to invest in technology to further improve the milking process and animal welfare. Our products provide exceptional results for both the animal and the milker, making the milk extraction process run smoothly. As our market share and milking experience continue to grow, so does our global presence.

For further information please visit the Group's website www.avon-rubber.com

 

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