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Interim Management Statement

25 Jan 2011 07:00

RNS Number : 9982Z
Avon Rubber PLC
25 January 2011
 



Strictly embargoed until 07:00 Tuesday 25 January 2011

AVON RUBBER p.l.c.

("Avon", the "Group" or the "Company")

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD FROM 1 OCTOBER 2010 to 24 JANUARY 2011

The Group has maintained the progress reported in the 2010 year-end announcement in the first quarter of our 2011 financial year, showing an improved financial performance over the comparative period last year.

Protection & Defence

We have continued to deliver mask systems and spare filters on schedule to the US DoD. In the period we also delivered masks with a sales value of $3.1m under our first Foreign Military Sales ('FMS') order and received a further significant order from Saudi Arabia for delivery later in the financial year. All of our US government related businesses have experienced some delays in the release of funds ahead of the approval of the 2010/2011 budget, but we expect to see this resolved during the second quarter of our financial year. Despite this we have seen an improved level of activity in the US homeland security market and our fire protection business ISI performed ahead of the corresponding period last year.

AEF continues to be profitable.

The UK MoD has exercised the third and final option of its three year contract for the supply of S10 masks as expected. This has a sales value of £1.55m and these masks are for delivery in our 2011 financial year.

Dairy

The market for our Dairy products has remained robust during the period under review. Our revenues are significantly up on the same period last year and despite higher input costs, an improved operational cost base and efficiencies have allowed us to continue to enhance our operating margins.

Net debt and interest payable

Net debt was £12.9m at 31 December 2010 (30 September 2010: £12.6m). The Group's new banking facilities which came into effect on 1 October 2010 have led to a reduction in the interest cost against the same period last year.

Outlook

We remain on track to deliver growth and improved results for the 2011 financial year, although the timing of the release of US Government funding may shift certain deliveries from the Protection & Defence business into the second half of the year.

 

In our Dairy business we expect the positive performance achieved so far to be continued.

 

For further enquiries, please contact:

Avon Rubber p.l.c.

Peter Slabbert, Chief Executive

01225 896831

Andrew Lewis, Group Finance Director

01225 896830

Hayley Baddon, Corporate Communications

01225 896363

Weber Shandwick Financial

Nick Oborne

020 7067 0700

Clare Thomas

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
 
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IMSSEAFWLFFSESF
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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