RNS Number : 4911G
  Avon Rubber PLC
  23 October 2008
   



    23 October 2008
    AVON RUBBER p.l.c.
    ("Avon", the "Group" or the "Company")

    PERIOD END UPDATE 

    The Board is issuing this update following the Company's 30 September 2008 financial year-end. 

    Avon is pleased to report that its Cadillac Michigan facility, which produces the M50 respirator single source for the US Department of
Defense, has generated a satisfactory profit in the final quarter following the substantial resolution of production issues and cost
overruns. With orders of �25 million on hand for delivery and with further US Government funding of $42.6 million approved in 2009 for this
10 year programme, we expect this improved performance to continue. 

    Our Dairy business has continued to grow in both our traditional US and European markets as well as into newer markets such as China. 

    Avon-ISI which sells primarily to fire services in the US has, however, not met expectations in difficult market conditions. This will
require us to consider the carrying value of goodwill and intangible assets associated with this business. We also expect to require an
increase in the provisions associated with discontinued operations. 

    Net debt reduced to �15.1 million at the year-end from �18.3 million at 30 June 2008 with an improvement in working capital, despite the
negative impact on borrowings of a stronger US dollar. 

    Peter Slabbert, Chief Executive, commented:

    "The significant turnaround in the performance of our Cadillac operation has enabled the Group to start the 2009 financial year with
confidence of a return to profitability after what has been a difficult 2008."

    < END >


    For further enquiries please contact: 

    Avon Rubber p.l.c:
    Peter Slabbert       01225 896870
    Fiona Stewart        01225 896871

    Weber Shandwick Financial:
    Nick Oborne                            
    Rachel Martin        020 7067 0700
    Clare Perks


    NOTES TO EDITORS:
    Avon Rubber p.l.c. is an international polymer engineering group adding value through material, manufacturing and industry sector
expertise.  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
 
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