Avon Rubber - Orders support H2 momentum into FY20
Guidance for FY19 is maintained after a slow H119 as recent major multi-year mask orders commence delivery in H219, accelerating Avon Protection’s growth and more than compensating for the weaker than expected milkrite | InterPuls performance. However, even here a rebound in H219 will further skew the half-yearly split. Despite the divisional mix shift, our overall estimates remain unchanged. While H119 was tough, the outlook is promising as the company continues to grow the core, focus on selective new product development and search for M&A opportunities. In our opinion, the full year progression warrants the premium rating Avon enjoys, but H2 execution and momentum into FY20 is key.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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