Avon Rubber posts solid revenue, earnings growth

(ShareCast News) - Avon Rubber posted its audited results for the year to 30 September on Wednesday, with revenue up 6% to £142.9m.The company's adjusted EBITDA jumped 13% to £30.8m compared to the prior year, and adjusted operating profit was 8% firmer at £21.8m.Adjusted profit before tax was 9% higher at £21.6m, and net cash at year end was £2m, compared to £13.2m in debt at the end of last year.Adjusted basic earnings per share were 74.2p, up 33%, and adjusted diluted earnings per share were also 33% higher at 72.8p.The board confirmed a dividend per share 30% higher than 2015 at 9.48p."Avon's strategy has delivered strong earnings growth and cash generation," said chief executive Rob Rennie."Our business has proved to be resilient in difficult market conditions and we exit the year a more robust business with a range of good opportunities for growth."