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Interim Management Statement

2 Feb 2012 07:00

RNS Number : 6452W
Avon Rubber PLC
02 February 2012
 



Strictly embargoed until 07:00 Thursday 2 February 2012

 

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

 

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD FROM 1 OCTOBER 2011 TO 1 FEBRUARY 2012

Protection & Defence

In Protection & Defence we have orders in hand from the US Department of Defense (DoD) which will allow us to deliver higher volumes of the M50 respirator in our 2012 financial year. On 20 December 2011 we announced the award of a five year contract for the M61 filter evaluated at $176m, including an initial order worth $2.5m for immediate delivery. One of the losing bidders has raised a contractual protest to the DoD, which will delay delivery dates for this order, although our expectations of deliveries for the full year remain unchanged. Deliveries against our $6.1m filter order, placed under a separate three year contract and announced at the same time, areunaffected.

 

The pipeline of sales opportunities remains strong in our non-DoD markets, albeit in the current economic and political environment the exact timing of the receipt of orders is difficult to predict.

 

Our new program of product range expansion and enhancement (Project Fusion), which is expected to provide further organic growth from 2013, has commenced and is progressing to plan.

 

Dairy

In Dairy strong market conditions prevail and we have seen further growth in sales of our Milk-Rite brand, in particular the Impulse Mouthpiece Vented Liner (IP-MV) which achieved a 10% market share in North America, offsetting weaker demand from some of our OE customers. We have also opened a sales and distribution centre in China to further capitalise on the extensive opportunity in that region.

 

Net debt

The Group's balance sheet remains robust with net debt at 31 December 2011 at £7.0m (30 September 2011: £11.8m) due to the timing of working capital movements. Net debt is expected to increase by half year due to the working capital required to fulfil the filter orders as well as further acceleration in our programme of investment in product development.

 

Outlook

The Board believes that the financial year will deliver further progress although, as last year, the timing of filter deliveries is likely to result in a greater second half year weighting.

 

For further enquiries, please contact:

Avon Rubber p.l.c.

Peter Slabbert, Chief Executive

01225 896831

Andrew Lewis, Group Finance Director

01225 896830

Miles Ingrey-Counter, Company Secretary

01225 896850

Weber Shandwick Financial

Nick Oborne

020 7067 0700

Stephanie Badjonat

020 7067 0700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTES TO EDITORS: Avon Rubber p.l.c. is a world leader in the design, test and manufacture of advanced Chemical, Biological,Radiological and Nuclear (CBRN) respiratory protection solutions to the worlds military, law enforcement, first responder,

emergency services, fire and industrial markets. Avon has a unique capability in CBRN protection based on a range of advanced

CBRN technologies in respirator design, filtration and compressed air breathing apparatus. This enables Avon to develop specialised

solutions that take full account of user requirements. Avon also owns a world leading dairy business manufacturing liners and

tubing for the automated milking process. 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
 
 
IMSSSDFWFFESELE
Date   Source Headline
19th Oct 20062:32 pmRNSDirector/PDMR Shareholding
11th Sep 200611:16 amRNSHolding(s) in Company
8th Sep 20069:23 amRNSDirector/PDMR Shareholding
8th Sep 20067:01 amRNSTrading Update
22nd Aug 20063:01 pmRNSSale and Leaseback
21st Aug 20069:05 amRNSAdditional Listing
14th Aug 20067:00 amRNSCompletion of Disposal
1st Aug 200610:26 amRNSDirector/PDMR Shareholding
1st Aug 20067:02 amRNSDisposal
21st Jun 20063:02 pmRNSHolding(s) in Company
13th Jun 200612:00 pmRNSResult of EGM
5th Jun 20063:20 pmRNSDirector/PDMR Sharehldg-Amend
30th May 20063:32 pmRNSDirector/PDMR Shareholding
25th May 20065:07 pmRNSPosting of Circular
22nd May 20067:02 amRNSInterim Results
22nd May 20067:02 amRNSDisposal
18th May 20067:02 amRNSRe: Interim Results
17th May 200612:14 pmRNSBlocklisting Interim Review
11th May 20067:01 amRNSIFRS Restatements
4th May 200611:05 amRNSHolding(s) in Company
28th Apr 20061:49 pmRNSDirector/PDMR Shareholding
24th Apr 200611:41 amRNSSAR 3 - Avon Rubber
5th Apr 20061:26 pmRNSAdditional Listing
5th Apr 200612:15 pmRNSDirector/PDMR Shareholding
4th Apr 20062:22 pmRNSDirector/PDMR Shareholding
15th Mar 20065:55 pmRNSHolding(s) in Company
6th Mar 20063:33 pmRNSDirector/PDMR Shareholding
25th Jan 20068:36 amRNSHolding(s) in Company
23rd Jan 20062:31 pmRNSResult of AGM
19th Jan 20067:01 amRNSAGM Statement
13th Jan 200611:00 amRNSAnnual Information Update
21st Dec 200511:44 amRNSHolding(s) in Company
21st Dec 200511:44 amRNSHolding(s) in Company
20th Dec 20052:51 pmRNSAnnual Report and Accounts
16th Dec 20053:42 pmRNSDirector/PDMR Shrhldg-Amendmt
15th Dec 20052:46 pmRNSDirector/PDMR Shareholding
9th Dec 20052:41 pmRNSDirector/PDMR Shareholding
8th Dec 20054:39 pmRNSDirector/PDMR Shareholding
1st Dec 20057:02 amRNSRe Non-Executive Directors
1st Dec 20057:02 amRNSFinal Results
24th Nov 200512:07 pmRNSNotice of Results
21st Nov 200511:04 amRNSBlocklisting Interim Review
14th Nov 20053:16 pmRNSAdditional Listing
12th Oct 20054:40 pmRNSHolding(s) in Company
21st Jul 20057:01 amRNSRestructuring/Trading Update
4th Jul 20055:16 pmRNSDirector/PDMR S'holding-Amend
4th Jul 20055:07 pmRNSDirector/PDMR S'Holding-Amend
4th Jul 20054:56 pmRNSDirector/PDMR S'holding-Amend
4th Jul 20053:20 pmRNSDirector/PDMR Shareholding
4th Jul 20053:12 pmRNSDirector/PDMR Shareholding

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