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Avon Rubber

Encouraging FY17 prospects across the group

Flash note | Aerospace & Defence | 09 Sep 2016

Avon Rubber has confirmed that despite difficult market conditions, trading in the year to September is expected to be in line with market expectations. Encouragingly, prospects for Protection & Defence remain strong and in Dairy milk prices appear to have started to recover during the final quarter. The statement should allay any concerns that major orders only originate in the Middle East, with the announcement of a $9m order for a US police department. Encouragingly negotiations are continuing with respect to the significant Middle East export potentials. The outlook for accelerating growth in 2017 appears to be increasingly underpinned.

Avon Rubber

Winning ways

Update | Aerospace & Defence | 15 Feb 2018

Following the nomination of preferred bidder status in November, Avon has announced that an agreement has been reached with the UK Ministry of Defence (MOD) for the General Service Respirator contract. The contract builds order visibility on both sides of the Atlantic while demonstrating the new strategy in action.

Avon Rubber

Strong start to the year

Update | Aerospace & Defence | 01 Feb 2018

Avon started FY18 with a new growth strategy and it is bearing fruit. Order growth is strong as the company is leveraging market dynamics across both divisions. We adjust our forecasts for the more favourable US tax reform, increasing underlying EPS by 7% and 1% in FY18 and FY19 respectively. Management is confident of achieving FY18 expectations.

Avon Rubber

Positive order progression

Flash note | Aerospace & Defence | 29 Jan 2018

Avon Rubber announced this morning an order for 47,000 M50 mask systems for the US Department of Defense (DoD) worth $12.6m. Following an M50 order from the US DoD in December last year, this order displays the momentum in the business while building order book visibility. Management’s new strategy is delivering.

Avon Rubber

A new chapter with a bright future

Update | Aerospace & Defence | 15 Nov 2017

Avon Rubber has delivered a confident FY17 performance and has set out a clear threefold strategy to drive medium-term growth. The core business is buoyed by strong order activity in Protection while dairy market trends look set to stay positive into 2018. Cash performance has also been solid, which underpins selective future acquisitions.

Avon Rubber

Hitting the numbers

Update | Aerospace & Defence | 15 Sep 2017

Avon Rubber’s pre-close has confirmed that the group will meet market expectations and that performance in H217 has continued apace. With positive mix effects in Protection & Defence and continued strengthening in Dairy, we believe that the eventual revenue and margin mix may alter slightly but that our profit levels will be achieved. With CEO Paul McDonald signalling continued confidence into 2018 and with further medium-term product developments to come through in both divisions, we continue to view Avon as delivering in the short and medium term.

Avon Rubber

New CEO marches on

Update | Aerospace & Defence | 24 May 2017

Avon Rubber's strong first half results allayed any concerns that the change in management team might have distracted this growth company from the task in hand. In fact, H117 numbers proved quite the opposite. Top-line growth has marched on apace and the CEO has shown ruthless focus in ensuring that R&D is concentrated on financially viable projects to stimulate further growth. A major new contract win announced yesterday should assuage any concerns about the M50 programme.

Avon Rubber

The management jigsaw is complete

Flash note | Aerospace & Defence | 10 May 2017

Avon Rubber announced this morning that it has appointed Nick Keveth as group finance director from 1 June 2017. Avon Rubber appointed Paul Rayner acting as Interim Group Finance Director at the end of 2016, so we have been expecting an announcement and see it as a positive step forward for the company. The new CEO Paul McDonald has been in his post since February so the appointment of a permanent Finance Director completes the new management team.

Avon Rubber

Taking the bull by the horns

Flash note | Aerospace & Defence | 15 Feb 2017

Avon Rubber announced this morning that CEO Rob Rennie has left and been replaced with Paul McDonald, formerly managing director of Avon’s Dairy division. This news comes as a surprise and is likely to raise some questions over the CEO and CFO transition, with the CEO only being in post for just over a year. However, the group has appointed an executive already known to many who have followed the business, and as such should be seen as a good appointment with a track record of decisiveness and getting things done.

Avon Rubber

Milking the benefits

Flash note | Aerospace & Defence | 03 Feb 2017

Avon Rubber's trading statement (2 February) was reassuringly upbeat with Dairy benefiting from a stronger milk price and the Protection & Defence division continuing to see encouraging order intake. International orders for Protection & Defence are progressing, although final timing remains unpredictable. Cash generation was particularly strong, due to receiving a large customer receipt on the last day of the quarter, giving the group a net cash position of £11.1m.

Avon Rubber

Platform created to accelerate growth

Outlook | Aerospace & Defence | 18 Nov 2016

Avon Rubber has delivered a solid set of results in a market that had several challenges, highlighting the strong position the group has created over the past eight years. With several FY17 growth tailwinds, we upgrade our FY17 PBT forecasts by 15%, while identifying further upside opportunities across both divisions. From this robust base, and with the previously announced departure of CFO Andrew Lewis, the group now moves into the next stage of development, with a further acceleration of growth the core remit of CEO Rob Rennie through both a continuation of the organic growth and a likely step-up in acquisition spend.

Avon Rubber

Man down, but progress continues

Flash note | Aerospace & Defence | 18 Oct 2016

The in-line trading statement is overshadowed by the news that Andrew Lewis, CFO for the last eight years, is to leave the company at his own behest. Paul Rayner is to step in as the interim CFO, having previously held roles at Liberty Living, Mouchel and Chemring Group. His experience appears a good fit for Avon's strategy of augmenting organic growth with strategic M&A. As also indicated in the statement, the group finances support the strategy with £2m of net cash in the balance sheet at the year end.