Update: Outperformance resulting from strategy
Avon Rubber’s results came in ahead of our upwardly revised forecasts, driven largely by margin outperformance in Protection & Defence (P&D) as core DoD work was substituted by urgent non-DoD deliveries. In addition, with H1 Dairy market and currency headwinds abating, the group delivered significant double-digit growth in both PBT (+21%) and EPS (+29%). Cash conversion was strong at 156%, leaving Avon in a net cash position of £2.9m. When combined with bank facilities of £24.5m out to 2017, this provides substantial headroom to continue the investment in product, systems and markets that have been the bedrock of the sustained outperformance of the group, which now has multiple growth drivers.Avon Rubber is a technology group focusing on respiratory protection systems and milking point solutions through its two businesses, Avon Protection and milkrite , InterPuls. Avon Protection is a provider in Chemical, Biological, Radiological and Nuclear respiratory protection systems for the world's Military, Law Enforcement and Fire markets. milkrite , InterPuls provides milking point solutions to customers across the world.
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