Avon Rubber PLC Pre-close trading update (8219Q)
September 15 2017 - 2:00AM
UK Regulatory
TIDMAVON
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
020 7067
Nick Oborne 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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