Pre-close trading update

RNS Number : 8219Q

Avon Rubber PLC

15 September 2017

 

15 September 2017

Avon Rubber p.l.c. ("Avon" or the "Group")

Pre-close trading update

Avon Rubber p.l.c. today issues the following trading update ahead of its year end close on 30 September 2017.

The Board is pleased to report that trading in the second half has been good across the Group and that it expects 2017 full year adjusted profit before tax to be in line with current market expectations, with continuing strong cash generation.

In Protection, in our 2017 financial year we expect to deliver 152,000 M50 mask systems and 144,000 spare filter pairs under the Group's sole source contract with the US Department of Defense ("DoD").  In addition, due to scheduling requirements we now expect to fulfil the order for 37,000 FM50 general purpose masks, announced on 23 May 2017, in our current financial year.  Order intake in the second half has continued to be strong across all three market segments: Military; Law Enforcement; and Fire, providing good visibility for the 2018 financial year and underpinning our confidence in the medium term prospects.

The dairy market environment has continued to be positive with improved milk prices reflected in increased farmer confidence. The growth trends in the first half of the year have continued into the second half with strong growth in sales of InterPuls products in particular.

Commenting, Paul McDonald, Chief Executive Officer, said

"The Group has continued to perform well in the second half of the year with Avon Protection and Milkrite|InterPuls both contributing to revenue and profit growth in line with our expectations.  

The strong order pipeline in both businesses provides good visibility going into financial year 2018 and the business is well positioned to deliver further growth and take advantage of additional opportunities, including from our expanding product base, to build a stronger business for the future."

Full year results for the year ended 30 September 2017 will be announced on 15 November 2017.

For further enquiries, please contact:

Avon Rubber p.l.c.	01225 896400
Paul McDonald, Chief Executive Officer
Nick Keveth, Chief Financial Officer
Weber Shandwick Financial
Nick Oborne	020 7067 0700

Note: The Directors believe that adjusted measures provide a more useful comparison of business trends and performance.  Adjusted results exclude exceptional items, defined benefit pension scheme costs and the amortisation of acquired intangibles.  The term adjusted is not defined under IFRS and may not be comparable with similarly titled measures used by other companies.

Note to editors: Avon Rubber p.l.c. is an innovative design and engineering group, specialising in two core markets, Protection and Dairy. Avon Protection is the recognised global leader in advanced Chemical, Biological, Radiological and Nuclear (CBRN) respiratory protection systems for the world's military, homeland security, first responder and fire markets. Through its Milkrite|InterPuls brand Avon's market leading Dairy business provides complete milking point solutions to customers across the world.

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

 

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