Avon Rubber raises profits guidance

10th Oct 2011 07:33

A strong end to the year by both divisions of high-tech rubber products provider means full-year profit before tax should be towards the upper end of current market expectations.Prior to the upgrade to profits guidance, market consensus was for a profit before tax for the year to July 31st of £10.25m.In the Protection & Defence division, the initial delivery order of M61 filters for use with Avon's M50 respirator was completed on schedule to the US Department of Defense (DoD), while higher margin non-DoD sales remain on a positive trend in both the North American Homeland Security and Europe, Middle East and Africa markets, the group says.In the Dairy division, the progress seen earlier in the year continued into the final quarter, with the new Impulse Mouthpiece Vented Liner making further market share gains.Net debt at year end was £11.9m, lower than current market expectations as a result of the accelerated collection of certain receivables.--jh