Avon Rubber 2018 final results
Strong financial delivery - revenue, operating profit, EPS and cashflow ahead of expectations
· Orders received up 8.1% and ahead of revenue
· Revenue up 8.7% and adjusted operating profit up 11.8%
· High volume sales of US DOD M50 mask system resulted in adjusted EBITDA margins of 21.3%
· Adjusted basic earnings per share of 77.1p (0.8% down) due to lower tax provision release in 2018 compared to 2017
· Strong cash generation (108.2% of EBITDA) and divestment proceeds resulted in net cash of £46.5m, up £21.8m
· Final dividend per share of 10.68p resulting in full year total dividend of 16.02p, a 30% increase
· Opening order book for 2019 of £37.8m providing good forward revenue visibility
