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Avon Rubber annual profit falls on higher costs; hikes dividend
StockMarketWire.com
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Military equipment maker Avon Rubber hiked its final dividend as its annual performance topped its expectations despite suffering a hit from costs related to its acquisition of Team Wendy.
For the 12 months ended 30 September, pre-tax profit fell to £0.5 million from £8.7 million year-on-year, while revenue rose 30.8% to £168 million.
The final dividend per share was raised by 30% to 18.06p, resulting in full year total dividend of 27.08p, also up 30.0%.
The Team Wendy acquisition, completed on 2 November 2020, was expected to further accelerate growth, while a strong opening order book of $101.7 million provided 'excellent visibility and confidence for 2021,' the company said.
'We have again delivered strong results ahead of expectations and continued to make significant steps transforming the business into a leading provider of life critical personal protection products.'
Story provided by StockMarketWire.com
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