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Avon Rubber hikes dividend after swinging to H1 profit; plans name change in H2
StockMarketWire.com
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Defence equipment maker Avon Rubber hiked its interim dividend after swinging to a first-half profit amid 'significant' growth in its respiratory protection business.
The company also announced that Nick Keveth, Chief financial officer would be retiring for personal reasons before the end of March 2022.
For the half year ended 31 March 2021, pre-tax profit was $5.4 million, up from a loss of $1.8 million year-on-year as revenue increased 41% to $167.9 million.
The company reported a strong order intake, up 46.5%, with military up 31.3%, first responder up 28.3% and a first-time contribution of $18.4 million from Team Wendy, which was acquired on 2 November 2020.
Given the $157 million order book and strong pipeline of opportunities across its personal protection portfolio, the company said it was 'confident of delivering full year expectations and remain excited by the medium-term prospects.'
The company raised its interim dividend by 30% to 14.3 cents a share.
'Reflecting our transformation into a focussed provider of life critical personal protection systems we plan to change our name to Avon Protection plc during the second half of the year,' the company said.
Story provided by StockMarketWire.com
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