Avon Rubber PLC Trading Update (7759X)
02 September 2015 - 4:00PM
UK Regulatory
TIDMAVON
RNS Number : 7759X
Avon Rubber PLC
02 September 2015
Strictly embargoed until 07:00 Wednesday 2(nd) September
2015
AVON RUBBER p.l.c. ("Avon", the "Group" or the "Company")
Trading update - in line with current market expectations
Protection & Defence
As expected, deliveries of our mask systems to the DOD have
remained at a similar level to that seen in the first half of the
year and we received our first M61 filter order of the year for
123,000 pairs which will be partially fulfilled before year end.
Our non-DOD markets have performed well, without the benefit of any
significant individual impact orders. A number of high value
opportunities are in the pipeline and we now expect to see the
benefit of these orders in 2016. Our flexible fabrications business
(AEF) is expected to show a strong second half of the year.
Our development programme with the US Air Force for the JSAM
MM53 continues to progress well. We have been awarded additional
funding to support the next 12 months of testing with a production
contract expected to follow thereafter.
As announced on 22 June 2015, the Group acquired HUDstar Systems
Inc. for $5.1m payable in cash on completion. Integration of this
acquisition is progressing well and we expect to see positive
benefits in the next financial year.
Dairy
The positive momentum generated in the first half of 2015 in our
Dairy business has continued and trading has remained strong. Take
up by farms of the innovative Cluster Exchange service remains at
encouraging levels in both North America and Europe.
On 5 August 2015 the Group acquired InterPuls S.p.A. for
EUR29.75m, EUR25.75m payable in cash on completion and
approximately EUR4m of assumed debt. We expect this acquisition to
be earnings enhancing in our 2016 financial year.
Outlook
The continued positive performance in both areas of the business
leads the Board to expect that the outturn for the current year
will be in line with current market expectations.
ends
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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