WH Ireland says buy Avon Rubber on positive FY results

19th Nov 2014 12:57

Broker WH Ireland is advising investors to inflate their portfolios with Avon Rubber after the maker of gas masks and milking equipment lifted its annual profits by 21.2% to £16.6m. Avon said orders in its protection and defence division, which makes masks and other equipment for emergency services, the military and industrial and energy customers around the world, had risen 26% to £93m, while 2015 orders were already at £33m.WH Ireland said the outlook for Avon was highly encouraging and raised its two-year fully diluted earnings per share expectations by 5.9% for both years."We maintain our 'buy' recommendation and raise our share price target to 825p from 800p," the broker said.Shares rose 23.5p or 3.6% to 683p at 13:07 in London.