Unaudited interim results for the six months ended 31 March 2009

AVON RUBBER p.l.c.

(“Avon”, the “Group” or the “Company”)

Unaudited interim results for the six months ended 31 March 2009

 

31 March 2009

 

£Millions

31 March 2008

(restated)

£Millions

CONTINUING OPERATIONS

 

 

           REVENUE

44.1

21.7

           OPERATING PROFIT/(LOSS)

1.8

(1.7)

EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION AND AMORTISATION

 

3.4

 

0.0

PROFIT/(LOSS) FOR THE PERIOD

0.8

(5.9)

NET DEBT

16.5

13.5

EARNINGS/(LOSS) PER SHARE:

 

 

           Basic

2.7p

(20.7)p

           Continuing operations

1.9p

(5.3)p

 

    • Revenue up 103%
    • Return to profitability in first half of 2009
    • Continuing operating activities generated cash of £4.1m
    • Significant US DoD and UK MoD orders secured in the period
    • Protection & Defence order book closed at £85m
    • Loss making UK mixing business divested
    • Decision to outsource European Dairy manufacturing     

Commenting on the results, Peter Slabbert, Chief Executive said:

Avon has made significant progress during the first half of 2009. The Group has returned to profit, and importantly has secured significant additional orders from both the US DoD and the UK MoD which have added to the Protection & Defence order book. Our Dairy business has continued to be profitable and cash generative. We have taken difficult but necessary decisions to reduce costs in our UK Dairy business by moving production to the Czech Republic. Our Cadillac facility is now making good progress towards optimum efficiency. Our order book is growing in all markets across the world and we have increasing confidence that our business will continue to grow.“

 

Next: Interim management report