Update: Strong performance despite tough comparator
Avon Rubber’s interims were as expected with results anticipated to be H2-biased. The replacement of the previous large C50 export order delivered in H114 by lower-margin DoD sales provided a clear headwind. Despite this, Avon achieved 2% revenue growth, 4% PBT growth and 9% EPS growth, highlighting a keen focus on operational performance. CEO Peter Slabbert announced he will be retiring in September; however, we feel that with a strong broader management team firmly in place, delivering a consistent strategy and a strong balance sheet providing flexibility to invest, the group is well placed to continue its growth trajectory.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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