Business
Replacement for Period End Up
Replacement for Period End Up.
About this update from Avon Technologies Plc
[{"type":"text","content":"\n RNS Number : 5155G Avon Rubber PLC 23 October 2008 \n \n \n\nThe following amendment has been made to RNS number 4911G: In the second paragraph, orders on hand for delivery should have been stated in US dollars rather than sterling. The full corrected version of the statement is shown below. \n\n\n23 October 2008\nAVON RUBBER p.l.c.\n('Avon', the 'Group' or the 'Company')\n\nPERIOD END UPDATE \n\nThe Board is issuing this update following the Company's 30 September 2008 financial year-end. \n\nAvon is pleased to report that its Cadillac Michigan facility, which produces the M50 respirator single source for the US Department of Defense, has generated a satisfactory profit in the final quarter following the substantial resolution of production issues and cost overruns. With orders of $25 million on hand for delivery and with further US Government funding of $42.6 million approved in 2009 for this 10 year programme, we expect this improved performance to continue. \n\nOur Dairy business has continued to grow in both our traditional US and European markets as well as into newer markets such as China. \n\nAvon-ISI which sells primarily to fire services in the US has, however, not met expectations in difficult market conditions. This will require us to consider the carrying value of goodwill and intangible assets associated with this business. We also expect to require an increase in the provisions associated with discontinued operations. \n\nNet debt reduced to £15.1 million at the year-end from £18.3 million at 30 June 2008 with an improvement in working capital, despite the negative impact on borrowings of a stronger US dollar. \n\nPeter Slabbert, Chief Executive, commented:\n\n'The significant turnaround in the performance of our Cadillac operation has enabled the Group to start the 2009 financial year with confidence of a return to profitability after what has been a difficult 2008.'\n\n< END >\n\n\n\nFor further enquiries please contact: \n\nAvon Rubber p.l.c:\nPeter Slabbert 01225 896870\nFiona Stewart 01225 8968...