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December 07, 2018 01:00 AM

Avon Rubber sales grow, earnings decline

European Rubber Journal
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    MELKSHAM, England—Avon Rubber P.L.C. has reported a 4 percent year-on-year growth in annual sales at $209.7 for the financial year ended Sept. 30.

    Despite the growth in sales, earnings (adjust EBITDA) fell 1.2 percent to $44.9 million, said the English rubber group in a Nov. 14 presentation.

    At constant currency rates, sales grew 8.7 percent and earnings rose 5.1 percent compared to the previous year.

    Avon noted high revenues from its M50 mask system volumes and spares supplied to the U.S. Department of Defense, saying its opening order book of $48 million provided "excellent visibility" into 2019.

    Commenting on the results, CEO Paul McDonald said the company was working with DOD on a number of "potentially significant new platform programs."

    "We currently expect to enter into multi-year contracts with the DOD for the M69 aircrew mask and the M53A1 mask and powered air system in the new financial year," he said.

    Production for the items is scheduled to begin in the second half of the fiscal year started Oct. 1.

    The company also is in discussions with the DOD to put in place a follow-on contract for the M50 mask system following the conclusion of the initial 10 year contract in July.

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