ERJ staff report (TP)
Wiltshire, UK − Avon Rubber, maker of rubber-based products for the manufacturing sector, has managed to grow its protection and defence division by a quarter despite reducing its dependence on the US Department of Defense, reported Insider Media.
The engineering giant, which has its corporate office at Melksham in Wiltshire, reported protection and defence revenues were up by 25 percent year-on-year to £93.2m (€111.7m) in the 12 months ending 30 September 2013. This represents 75 percent of total group turnover, up from 70 percent a year earlier.
The rise was attributed to growing commercial mask and filter sales, as well as orders won by its flexible fabrications business AEF. Avon Rubber has also been increasingly focusing on broadening its product offering and targeting growing global markets, in particular the Middle East, as it seeks to lower its exposure to US Department of Defense spending.
Across the group, revenues were up by 17 percent to £123.9m (€148.5m) in the year, while adjusted pre-tax profits jumped by 27 percent to £14m (€16.8m).
Peter Slabbert, chief executive at Avon Rubber, said: "I am delighted that the implementation of our strategy has delivered exceptionally strong growth in 2013. We expect to make further progress in both our protection and defence and dairy divisions in 2014."
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Full story from Insider Media