Avon Rubber improves trading performance

ERJ staff report (RD)

Melksham, UK - Avon Rubber plc has improved its trading performance over the the period from 1 Oct 2009 to 20 Jan 2010, a 21 Jan company statement said.

UK-based Avon said it continues to deliver mask systems on schedule to the US Department of Defense (Dod) and has confirmed a 2010 budget funding for the programme. The company also revealed that the Ministry of Defence has exercised the second of its 3 year option contract for the masks, which secures production for Avon's UK facility through to March 2011, the statement said.

Avon's M53Poetctive Mask system is a derivative of the M50 respirator and provides capability for use with all recognised forms of Personal Protection Equipment (PPE). In 2009 the company secured a 5 year contract with the DoD.

The order intake from increased homeland security and foreign military customers, Avon said, has been better than in any of the previous four quarters.

The company reported an increase in net debt to £14.8 million (Euro 17 million) on 31 Dec 2009, up from £13.6 million in Sep 2009, due to “seasonal fluctuations,” the statement said. However, debt was down from £19.2 million in Dec 2008. “This gives headroom of £7.2 million against facilities of £22 million,” Avon said.

The company will hold its annual general meeting on 2 March 2010 at its facility in Melksham, Wiltshire in the UK.

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Press release from Avon Rubber plc