'Significant change' as Avon turns to profit

Manufacturing News, Source : TheManufacturer.com
Published : 30 Nov 2006 9:54

Avon Rubber said today that it had undergone 18 months of “significant change” since disposing of its automotive and other loss-making businesses.

Reporting its results for the year ended 30 September, the company which now describes itself as a “polymer engineering group” reported revenue of £231 million (2005: £240m)and turned in an operating profit of £1.6 million against a loss of £2 million last time.

Commenting on the results, Chief executive Terry Stead said that having disposed of the automotive business and closed or restructured

other loss making activities, Avon was now focused on respiratory protection, dairy, aerosol gaskets and engineered fabrications.

“In the UK we are seeing the benefits of the cost reduction measures taken last year,” he said. “We are also experiencing increased demand for our legacy respiratory protection products and our new escape hood. In North America both our dairy and engineered fabrications businesses continue to perform well. Since the year end the overall performance from our continuing operations is improving and we expect significant growth from the North American respiratory protection

business. The board is confident that the strategic changes that have been made have laid the foundation for a period of exciting and profitable growth for the Group."

Comments on this story

click here to add a comment