AGM Statement

RNS Number : 4276D

Avon Rubber PLC

29 January 2015

 

Strictly embargoed until 07:00 Thursday 29^th January 2015

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

Annual General Meeting - trading update for the quarter ended 31 December 2014

Avon is pleased to report that trading in the first quarter of the financial year has continued in line with the Board's expectations.

Protection & Defence

In Protection & Defence, after delivering a high level of non-DOD orders during  the  2014 financial year, mask systems production has, as planned, been focused on fulfilling deliveries to the DoD under our 10 year sole source contract for the JSGPM M50 mask. This is likely to continue for the remainder of the first half year.

Encouragingly, there is a high level of quotes out for our higher margin export military masks although, as always, the timing of order receipt remains unpredictable. We have seen year on year growth in our fire service products in the first quarter and the level of enquiries for our new Deltair SCBA have been strong. Our flexible fabrications business, AEF, has secured orders which will sustain production into the second half of the financial year.

Dairy

The positive momentum generated in the second half of 2014 in the Dairy business has continued and trading has been extremely strong in the first quarter. Take up by farms of the innovative Cluster Exchange service remains at encouraging levels in both North America and Europe.

We have also set up a sales and distribution facility in Brazil to service the Brazilian and wider South American dairy market.

Balance sheet

The Group continues to be strongly cash generative. Net cash at 31 December 2014 was £6.4m (30 September 2014: £2.9m).

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
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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