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Avon Rubber sees annual revenue rising 4%; delays fire fighter product launch

By BFN News | 08:30 AM | Monday 16 September, 2019


Avon Rubber said it still expected its revenue to rise by about 4% on a constant currency basis in the current financial year. Adjusted Ebitda margin was expected to be modestly up on-year, as previously guided. The company also announced that it would delay the launch of a new self-contained breathing apparatus for fire fighters, owing to the timing of a new safety-standard approval. 'The board is pleased to report that trading in the second half has continued in line with its expectations,' Avon said. 'The board therefore remains confident of achieving its revenue and adjusted profit before tax expectations for the full year.' Avon said its protection unit had enjoyed a strong year, underpinned by the performance of its military business. Law enforcement performance had been stronger in the second half of the year. 'However, as anticipated, the impact of delays resulting from the extended US government partial shutdown in the first half of the year will result in a year-on-year revenue decline against a strong prior year comparator,' it added. Fire performance in the second half had been further impacted by continued delays in the NFPA industry-wide approval process for a new safety standard, which had prevented the launch of Avon's upgraded Magnum self-contained breathing apparatus, or SCBA. 'We now expect to launch Magnum in the first half of our 2020 financial year,' the company said. At 8:30am: (LON:AVON) Avon Rubber PLC share price was +6p at 1684p Story provided by StockMarketWire.com

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