Avon Rubber turns to profit on 68% higher sales for 12 months

ERJ staff report (DS)

London -- A transformed Avon Rubber has produced impressive results for the 12 months ended 30 Sept, 2009.

The company reported revenues up by 68 percent at £91.7 million (euro 100.5 million) from £54.6 million a year earlier. Operating profit pre-exceptionals reversed last year's loss, at £4.6 million from a loss of £4.1 million a year ago. Debt has also been reduced to £13.6 million from £15.1 million.

Commenting on the results, Peter Slabbert, Chief Executive said: “The 2009 results demonstrate that we can deliver in our chosen markets. Our strong order book, dominant market positions in defence respiratory protection

and dairy liners, supported by technologically superior products, growing brand strength and high competitive entry barriers, should enable us to continue to improve profit margins. We are increasing investment in product development and routes to market to aid our business growth.”

Avon said it now has a very different business from that reported a year ago. The company now focusses on the defence and protection business, and has recieved a series of large orders from the US military and police departments.

Exceptional items amounted to £2.5m (2008: £8.5m) and relate to the costs of the transfer of European dairy production from the UK to the Czech Republic, offset by gains from the sale and leaseback of dairy production and distribution facilities in the USA.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Avon Rubber