Avon Rubber PLC Trading Update (8054V)

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RNS Number : 8054V

Avon Rubber PLC

02 February 2017

Strictly embargoed until 07:00 Thursday 2(nd) February 2017

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

Annual General Meeting -- trading update for the quarter ended 31 December 2016

The Board is pleased to report that trading in the first quarter has continued in line with expectations.

Protection & Defence

Order intake in our Protection & Defence division has been encouraging and the deliverable order book for the remainder of the financial year is higher than last year. Negotiations with Middle East customers are continuing and each of the expected impact orders continues to progress.

Our Fire business continues to grow in Europe and the US, led by Argus thermal imaging camera sales but also through organic growth in sales of our Deltair Self Contained Breathing Apparatus (SCBA).

We have continued to deliver under our order from the New York City Police Department for CBRN/ CO hoods and are encouraged by market interest for this product.

Dairy

The Dairy division is performing well with the introduction of InterPuls into the US market making encouraging progress.

Milk prices have continued to improve, benefiting Dairy market conditions generally.

Balance sheet

The Group has produced strong first quarter cashflow and had a net cash balance of GBP11.1m at 31 December 2016 (30 September 2016: a net cash balance of GBP2.0m).

Outlook

With a positive start to the financial year and the continued building of a sustainable pipeline of prospects, the Board is confident of achieving the current year expectations.

Interim results for the six months ended 31 March 2017 will be announced on 16 May 2017.

Ends

For further enquiries, please contact:

 
 Avon Rubber p.l.c. 
 Rob Rennie, Chief Executive Officer    01225 896870 
 Paul Rayner, Group Finance Director    01225 896831 
 
 Weber Shandwick Financial 
 Nick Oborne                            020 7067 0700 
 

Note to editors: The Group has transformed itself over recent 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 Europe, serving markets around the world. We achieve this through nurturing the talent and aspirations of our employees to realise their highest potential.

Avon Protection Systems is the recognised global market leader in advanced Chemical, Biological, Radiological and Nuclear (CBRN) respiratory protection systems 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 Systems' 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 whether land, air or sea based.

Our world-leading Dairy supplies business and its Milkrite | InterPuls brand has a global market presence. With a long history of manufacturing liners and tubing for the dairy industry, we have become the leading innovator and designer for products and services right at the heart of milking. The acquisition of InterPuls in 2015, a specialist in electro-mechanical milking components, such as pulsators, milk meters, automatic cluster removers and milking clusters, has added significantly to our product range, making us the complete milking point solutions provider improving every farm we touch.

Working with 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 more efficient. As our market share and milking experience continue to improve, 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

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February 02, 2017 02:00 ET (07:00 GMT)