Avon Rubber issues confident outlook
Avon Rubber lifted full year profit and underlined its confidence in future trading by increasing its dividend payment 20 per cent.
Avon Rubber lifted full year profit and underlined its confidence in future trading by increasing its dividend payment 20 per cent.
The group, which makes high tech rubber-based respiratory protection to military, emergency and industrial markets, said pre-tax profit rose to £11m for the year ended September 30th 2012 from £10.2m the year before. Revenue slipped to £106.6m from £107.6m previously.
Revenue at protection and defence, which represents 70% of group revenues, fell 4% to £74.6m after lower filter sales to the US Department of Defence. Revenue at its dairy division increased 6% to £32.1m
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chief Executive Peter Slabbert commented: "We have continued our successful track record of growing profits, generating cash and reducing our debt and believe that our investment in industry leading technologies in both protection and defence and dairy will deliver future revenue growth and higher margins."
Order intake in protection and defence soared 42% to £85.2m and the closing order book stood at £45.7m with £40.7m for delivery in 2013.
Avon Rubber, which opened a sales and distribution centre in China, said earnings per share rose to 26.9p during the period from 25.2p before.
Operating margins improved 0.6% to 10.9% while cash generated from operating activities of £14.7m, representing 127% of operating profit.
Net debt reduced by £3.1m to £8.7m while the dividend has been increased to 3.6p from 3p per share the year before.
CJ
-
Zoopla: housing market recovery continuing amid brighter 2024 outlook
The Zoopla House Price Index has found sellers are still accepting five-figure discounts on their properties. But house price inflation is improving.
By Henry Sandercock Published
-
Revealed: the best funds to buy before the end of the tax year
Looking to add more investments to your portfolio but not sure where to start? We reveal the best funds to buy now as the end of the tax year edges closer.
By Katie Williams Published