Avon Rubber reports small profit for 12 months

ERJ staff report (DS)

London -- Avon Rubber plc has reported a small profit for the 12 months to 30 Sept, 2007, reversing the loss announced a year ago.

For the 12 months, Avon said operating profit was £1.2 million (Euro1.7 million), compared with a small loss of £0.1 million a year earlier. Net profit was £1.1 million compared with a loss of £19.1 million the previous year.

Commenting on the results, Terry Stead, Chief Executive said: “Since the interim announcement, the Group has reached a number of significant milestones. The second half of 2007 has shown improvement over the first half. With the approval of the new product at Avon-ISI and once the full rate production starts at our Cadillac facility, we expect this to continue. The Board is confident that this, together with continued investment in new product development, will lead to a period of sustainable and profitable growth for the Group.”

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Press release from Avon