TIDMAVON
RNS Number : 6093S
Avon Rubber PLC
21 May 2009
Strictly embargoed until 07:00 21 May 2009
AVON RUBBER p.l.c.
("Avon", the "Group" or the "Company")
Unaudited interim results for the six months ended 31 March 2009
+--------------------------------------------------------+----------------+----------------+
| | 31 March 2009 | 31 March 2008 |
| | GBPMillions | (restated) |
| | | GBPMillions |
+--------------------------------------------------------+----------------+----------------+
| CONTINUING OPERATIONS | | |
+--------------------------------------------------------+----------------+----------------+
| REVENUE | 44.1 | 21.7 |
+--------------------------------------------------------+----------------+----------------+
| OPERATING PROFIT/(LOSS) | 1.8 | (1.7) |
+--------------------------------------------------------+----------------+----------------+
| EARNINGS BEFORE | 3.4 | 0.0 |
| INTEREST, TAXATION, | | |
| DEPRECIATION AND | | |
| AMORTISATION | | |
+--------------------------------------------------------+----------------+----------------+
| PROFIT/(LOSS) FOR THE PERIOD | 0.8 | (5.9) |
+--------------------------------------------------------+----------------+----------------+
| NET DEBT | 16.5 | 13.5 |
+--------------------------------------------------------+----------------+----------------+
| EARNINGS/(LOSS) PER SHARE: | | |
+--------------------------------------------------------+----------------+----------------+
| Basic | 2.7p | (20.7)p |
+--------------------------------------------------------+----------------+----------------+
| Continuing operations | 1.9p | (5.3)p |
+--------------------------------------------------------+----------------+----------------+
* Revenue up 103%
* Return to profitability in first half of 2009
* Continuing operating activities generated cash of GBP4.1m
* Significant US DoD and UK MoD orders secured in the period
* Protection & Defence order book closed at GBP85m
* Loss making UK mixing business divested
* Decision to outsource European Dairy manufacturing
Commenting on the results, Peter Slabbert, Chief Executive said: "Avon has made
significant progress during the first half of 2009. The Group has returned to
profit, and importantly has secured significant additional orders from both the
US DoD and the UK MoD which have added to the Protection & Defence order
book. Our Dairy business has continued to be profitable and cash generative. We
have taken difficult but necessary decisions to reduce costs in our UK Dairy
business by moving production to the Czech Republic. Our Cadillac facility is
now making good progress towards optimum efficiency. Our order book is growing
in all markets across the world and we have increasing confidence that our
business will continue to grow. "
For further enquiries, please contact:
+----------------+---------------+
| Avon | |
| Rubber | |
| p.l.c. | |
+----------------+---------------+
| Peter | 020 7067 0700 |
| Slabbert, | |
| Chief | |
| Executive | |
+----------------+---------------+
| Andrew | (until |
| Lewis, | 12 |
| Group | noon) |
| Finance | |
| Director | |
+----------------+---------------+
| | From |
| | 22 |
| | May: |
| | 01225 896 831 |
+----------------+---------------+
| Fiona | 01225 896 871 |
| Stewart, | |
| Corporate | |
| Communications | |
| Executive | |
+----------------+---------------+
| | |
+----------------+---------------+
| Weber | |
| Shandwick | |
| Financial | |
+----------------+---------------+
| Nick | 020 7067 0700 |
| Oborne | |
+----------------+---------------+
| Clare | |
| Perks | |
+----------------+---------------+
| | |
+----------------+---------------+
An analyst meeting will be held at 09:45 for 10:00 am this morning at the
offices of
Weber Shandwick Financial, Fox Court, 14 Gray's Inn Road, London, WC1X 8WS
NOTES TO EDITORS: Avon Rubber p.l.c. is a world leader in the design, test and
manufacture of advanced Chemical, Biological, Radiological and Nuclear (CBRN)
respiratory protection solutions to the worlds military, law enforcement, first
responder, emergency services, fire and industrial markets. Avon has a unique
capability in CBRN protection based on a range of advanced CBRN technologies in
respirator design, filtration and compressed air breathing apparatus. This
enables Avon to develop specialised solutions that take full account of user
requirements. Avon also owns a world leading dairy business manufacturing liners
and tubing for the automated milking process. For further information please
visit the Group's website www.avon-rubber.com
INTERIM MANAGEMENT REPORT
INTRODUCTION
Avon has made significant progress during the first half of 2009. The Group has
returned to profit, and importantly has secured significant additional orders
from both the US DoD and the UK MoD which have added to the Protection & Defence
order book. Our Dairy business has continued to be profitable and cash
generative.
RESULTS
Revenue from continuing operations increased by 103% in the half year to
GBP44.1m (2008: GBP21.7m) driven by the stronger US$ and a successful full
period of operation of our US Protection & Defence facility in Cadillac
following the move to full rate production in the second half of the 2008
financial year.
The Group made an operating profit from continuing operations of GBP1.8m (2008:
GBP1.7m loss) with Cadillac and the US Dairy business, Avon Hi-Life,
contributing strongly. Earnings before Interest, Tax, Depreciation and
Amortisation ('EBITDA') were GBP3.4m (2008: GBP0.0m).
Net finance costs were GBP0.8m (2008: GBP0.4m) reflecting the higher margins
prevailing in the current capital markets. The non cash finance credit on our
net retirement benefit surplus reduced to GBP0.1m (2008: GBP0.6m) due to changed
actuarial assumptions.
This resulted in a profit before tax of GBP1.0m (2008: GBP1.6m loss) and after a
tax charge of GBP0.5m (2008: GBP0.1m credit) the Group recorded a profit for the
period from continuing operations after tax of GBP0.5m (2008: GBP1.5m loss).
A profit of GBP0.2m (2008: GBP4.4m loss) was recorded on discontinued operations
which in the first half of 2009 related to the US Engineered Fabrications
business which is held for sale.
The Group profit for the period was GBP0.8m (2008: GBP5.9m loss). The basic
earnings per share was 2.7p (2008: 20.7p loss) and the earnings per share from
continuing operations was 1.9p (2008: 5.3p loss).
NET DEBT AND CASHFLOW
Net debt increased from GBP15.1m at the 2008 year end to GBP16.5m at 31 March
2009. The stronger dollar added GBP4.2m to our reported net debt. Total bank
facilities are GBP24m, the majority of which are US$ denominated and committed
to 30 June 2010.
Continuing operating activities generated cash of GBP4.1m (2008: GBP1.4m
absorbed) as a result of an EBITDA of GBP3.4m and working capital which
decreased by GBP0.6m despite receivables being high at 31 March 2009 as
significant shipments to both the UK MoD and US DoD were made in the latter part
of the second quarter.
The net proceeds from the sale of the UK Mixing business of GBP2.0m and the sale
and leaseback of our US warehouse of GBP1.4m generated net cash from investing
activities of GBP2.0m (2008: GBP0.7m) after capital expenditure of GBP1.4m
(2008: GBP1.3m).
PROTECTION & DEFENCE
Total revenues for the division were GBP31.4m (2008: GBP10.9m) which generated
an operating profit of GBP1.6m (2008: GBP3.1m loss).
The Cadillac operation performed well in the period, securing orders for 161,000
mask systems under the five year DoD contract and ten year requirements option.
Deliveries to the customer were made to schedule and production performance
continues to improve.
The UK Protection & Defence business secured a GBP4.5m order for S10 masks from
the UK MoD, with the potential for this to reach GBP10m over the three years of
the contract. The first delivery against the order was made in the final month
of the period.
Avon ISI continued to suffer from difficult market conditions and incurred an
operating loss in the first half of 2009. A cost reduction exercise implemented
at the end of the first quarter did lead to an improvement in performance in the
second quarter.
DAIRY
Total revenues for the division were GBP12.7m (2008: GBP10.8m) which generated
an operating profit of GBP1.3m (2008: GBP2.1m).
Our Dairy business saw a strong start to the year, but the falling milk price in
the second quarter led to a softer end to the period as the industry destocked
and farmers replaced liners less frequently. As in the second half of 2008 the
profitability of the UK Dairy operation was adversely impacted by the increased
level of allocated overhead at our Hampton Park West facility following the
disposal of the Aerosol gaskets business. This is being addressed by the
proposed restructuring announced on 1 April 2009.
POST BALANCE SHEET EVENTS
On 1 April 2009 we announced that we had commenced consultation with employees
in respect of the redundancies that would result from the proposal to outsource
the manufacture of all dairy products currently made at Hampton Park West,
Wiltshire, to a Czech Republic based supplier. The transfer is scheduled to be
completed before the end of the 2009 calendar year. The costs of this transfer
are expected to be recouped within two years.
RETIREMENT BENEFIT OBLIGATIONS
The surplus, as measured under IAS 19, associated with the Group's UK Retirement
Benefit Obligations has reduced from GBP43.4m at 30 September 2008 to GBP29.3m
at 31 March 2009. The reduction has been as a result of a 6% fall in asset
values, reflecting global financial market conditions. This fall is
substantially lower than the general fall in equity markets (the UK FTSE 100
index fell 20% in the same period) because of the scheme's portfolio which is
split between equities and a liability driven investment.
DIVIDENDS
In view of the current level of net debt and the difficult environment in
capital markets the Board feels it is prudent not to pay an interim dividend
this year. The Board will review the trading performance, level of net debt and
capital market environment at the year-end and evaluate whether a dividend is
appropriate at that time.
OUTLOOK
We have taken difficult but necessary decisions to reduce costs in our UK Dairy
business by moving production to the Czech Republic. Our Cadillac facility is
now making good progress towards optimum efficiency. Our order book is growing
in all markets across the world and we have increasing confidence that our
business will continue to grow.
The Rt. Hon. Sir Richard Needham P C Slabbert
Chairman Chief Executive
21 May 2009 21 May 2009
Statement of Directors' responsibilities
The Interim Report and Accounts is the responsibility of, and has been approved
by, the Directors. The Directors are responsible for preparing the Interim
Report and Accounts in accordance with the Disclosure and Transparency Rules
('DTR') of the United Kingdom's Financial Services Authority. The DTR require
that the accounting policies and presentation applied to the half-yearly figures
must be consistent with those applied in the latest published annual accounts,
except where the accounting policies and presentation are to be changed in the
subsequent annual accounts, in which case the new accounting policies and
presentation should be followed, and the changes and the reasons for the changes
should be disclosed in the Interim Report and Accounts, unless the United
Kingdom Financial Services Authority agrees otherwise.
The Directors confirm that this condensed set of financial statements has been
prepared in accordance with the International Accounting Standard 34, 'Interim
Financial Reporting' as adopted by the European Union, and that the interim
management report herein includes a fair review of the information required by
DTR4.2.7 and DTR 4.2.8.
Forward-looking statements
Certain statements in this half year report are forward-looking. Although the
Group believes that the expectations reflected in these forward-looking
statements are reasonable, we can give no assurance that these expectations will
prove to have been correct. Because these statements involve risks and
uncertainties, actual results may differ materially from those expressed or
implied by these forward-looking statements.
We undertake no obligation to update any forward-looking statements whether as a
result of new information, future events or otherwise.
Company website
The interim statement is available on the Company's website at
http://interim.avon-rubber.com. The maintenance and integrity of the website is
the responsibility of the Directors; the work carried out by the auditors does
not involve consideration of these matters and, accordingly, the auditors accept
no responsibility for any changes that may have occurred to the financial
statements since they were initially presented on the website.
Legislation in the United Kingdom governing the preparation and dissemination of
financial statements may differ from legislation in other jurisdictions.
Miles Ingrey-Counter
Company Secretary
21 May 2009
Independent review report to Avon Rubber p.l.c.
Introduction
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31 March
2009, which comprises the income statement, balance sheet, statement of
recognised income and expense, cash flow statement and related notes. We have
read the other information contained in the half-yearly financial report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
As disclosed in note 2, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34, "Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review. This report, including the conclusion, has been prepared for and only
for the company for the purpose of the Disclosure and Transparency Rules of the
Financial Services Authority and for no other purpose. We do not, in producing
this report, accept or assume responsibility for any other purpose or to any
other person to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 31 March 2009 is not prepared, in all material
respects, in accordance with International Accounting Standard 34 as adopted by
the European Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Services Authority.
PricewaterhouseCoopers LLP
Chartered Accountants
Bristol 21 May 2009
Consolidated Income Statement
+----------------------------------------------+------+-------------+------------+------------+
| | | Half year | Half year | Year to |
| | | to | to | 30 Sep 08 |
| | | 31 Mar 09 | 31 Mar 08 | |
+----------------------------------------------+------+-------------+------------+------------+
| |Note | (Unaudited) | (Unaudited | (Audited) |
| | | GBP'000 | and | GBP'000 |
| | | | restated) | |
| | | | GBP'000 | |
+----------------------------------------------+------+-------------+------------+------------+
| Continuing operations | | | | |
+----------------------------------------------+------+-------------+------------+------------+
| Revenue | 5 | 44,078 | 21,717 | 54,606 |
+----------------------------------------------+------+-------------+------------+------------+
| Cost of sales | | (34,949) | (18,019) | (44,476) |
+----------------------------------------------+------+-------------+------------+------------+
| Gross profit | | 9,129 | 3,698 | 10,130 |
+----------------------------------------------+------+-------------+------------+------------+
| Operating expenses | | (7,356) | (5,430) | (22,716) |
+----------------------------------------------+------+-------------+------------+------------+
| Operating profit/(loss) from continuing | 5 | 1,773 | (1,732) | (12,586) |
| operations | | | | |
+----------------------------------------------+------+-------------+------------+------------+
| Operating profit/(loss) is analysed as: | | | | |
+----------------------------------------------+------+-------------+------------+------------+
| Before depreciation, amortisation and | | 3,408 | (2) | (686) |
| exceptional items | | | | |
+----------------------------------------------+------+-------------+------------+------------+
| Depreciation and amortisation | | (1,635) | (1,730) | (3,419) |
+----------------------------------------------+------+-------------+------------+------------+
| Exceptional operating items | | - | - | (8,481) |
+----------------------------------------------+------+-------------+------------+------------+
| Finance income | 6 | 2 | 3 | 27 |
+----------------------------------------------+------+-------------+------------+------------+
| Finance costs | 6 | (820) | (451) | (1,015) |
+----------------------------------------------+------+-------------+------------+------------+
| Other finance income | 6 | 86 | 566 | 1,183 |
+----------------------------------------------+------+-------------+------------+------------+
| Profit/(loss) before taxation | | 1,041 | (1,614) | (12,391) |
+----------------------------------------------+------+-------------+------------+------------+
| Taxation | 7 | (498) | 109 | 1,259 |
+----------------------------------------------+------+-------------+------------+------------+
| Profit/(loss) for the period from continuing | | 543 | (1,505) | (11,132) |
| operations | | | | |
+----------------------------------------------+------+-------------+------------+------------+
| Discontinued operations | | | | |
+----------------------------------------------+------+-------------+------------+------------+
| Profit/(loss) for the period from | 8 | 240 | (4,383) | (8,337) |
| discontinued operations | | | | |
+----------------------------------------------+------+-------------+------------+------------+
| Profit/(loss) for the period | | 783 | (5,888) | (19,469) |
+----------------------------------------------+------+-------------+------------+------------+
| Profit attributable to minority interest | | 10 | 5 | 6 |
+----------------------------------------------+------+-------------+------------+------------+
| Profit/(loss) attributable to equity | | 773 | (5,893) | (19,475) |
| shareholders | | | | |
+----------------------------------------------+------+-------------+------------+------------+
| | | 783 | (5,888) | (19,469) |
+----------------------------------------------+------+-------------+------------+------------+
| Earnings/(loss) per share | 10 | | | |
+----------------------------------------------+------+-------------+------------+------------+
| Basic | | 2.7p | (20.7)p | (68.4)p |
+----------------------------------------------+------+-------------+------------+------------+
| Diluted | | 2.6p | (20.7)p | (68.4)p |
+----------------------------------------------+------+-------------+------------+------------+
| Earnings/(loss) per share from continuing | 10 | | | |
| operations | | | | |
+----------------------------------------------+------+-------------+------------+------------+
| Basic | | 1.9p | (5.3)p | (39.1)p |
+----------------------------------------------+------+-------------+------------+------------+
| Diluted | | 1.8p | (5.3)p | (39.1)p |
+----------------------------------------------+------+-------------+------------+------------+
Consolidated Statement of Recognised Income and Expense
+--------------------------------------------------+-------------+-------------+-----------+
| | Half year | Half year | Year to |
| | to | to | 30 Sep 08 |
| | 31 Mar 09 | 31 Mar 08 | |
+--------------------------------------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------------------+-------------+-------------+-----------+
| Profit/(loss) for the period | 783 | (5,888) | (19,469) |
+--------------------------------------------------+-------------+-------------+-----------+
| Actuarial (loss)/gain recognised in retirement | (14,256) | 9,323 | 25,427 |
| benefit schemes | | | |
+--------------------------------------------------+-------------+-------------+-----------+
| Movement on deferred tax relating to retirement | 3,992 | (2,611) | (7,158) |
| benefit schemes | | | |
+--------------------------------------------------+-------------+-------------+-----------+
| Net exchange differences offset in reserves | 2,254 | 583 | 1,574 |
+--------------------------------------------------+-------------+-------------+-----------+
| Net (losses)/gains not recognised in income | (8,010) | 7,295 | 19,843 |
| statement | | | |
+--------------------------------------------------+-------------+-------------+-----------+
| Total recognised (expense)/income for the period | (7,227) | 1,407 | 374 |
+--------------------------------------------------+-------------+-------------+-----------+
| Attributable to: | | | |
+--------------------------------------------------+-------------+-------------+-----------+
| Equity shareholders | (7,237) | 1,402 | 368 |
+--------------------------------------------------+-------------+-------------+-----------+
| Minority interest | 10 | 5 | 6 |
+--------------------------------------------------+-------------+-------------+-----------+
| Total recognised (expense)/income for the period | (7,227) | 1,407 | 374 |
+--------------------------------------------------+-------------+-------------+-----------+
Consolidated Balance Sheet
+------------------------------------------------+------+-------------+-------------+-----------+
| | | Half year | Half year | Year to |
| | | to | to | 30 Sep 08 |
| | | 31 Mar 09 | 31 Mar 08 | |
+------------------------------------------------+------+-------------+-------------+-----------+
| |Note | (Unaudited) | (Unaudited) | (Audited) |
| | | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Assets | | | | |
+------------------------------------------------+------+-------------+-------------+-----------+
| Non-current assets | | | | |
+------------------------------------------------+------+-------------+-------------+-----------+
| Goodwill | | - | 5,705 | - |
+------------------------------------------------+------+-------------+-------------+-----------+
| Intangible assets | | 11,234 | 11,317 | 9,549 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Property, plant and equipment | | 18,274 | 18,700 | 15,491 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Deferred tax assets | | 221 | 334 | 265 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Retirement benefit assets | | 29,300 | 26,300 | 43,399 |
+------------------------------------------------+------+-------------+-------------+-----------+
| | | 59,029 | 62,356 | 68,704 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Current assets | | | | |
+------------------------------------------------+------+-------------+-------------+-----------+
| Inventories | | 12,259 | 14,346 | 10,134 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Trade and other receivables | | 13,205 | 10,518 | 10,684 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Cash and cash equivalents | | 937 | 710 | 769 |
+------------------------------------------------+------+-------------+-------------+-----------+
| | | 26,401 | 25,574 | 21,587 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Assets classified as held for sale | | 5,121 | - | 4,642 |
+------------------------------------------------+------+-------------+-------------+-----------+
| | | 31,522 | 25,574 | 26,229 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Liabilities | | | | |
+------------------------------------------------+------+-------------+-------------+-----------+
| Current liabilities | | | | |
+------------------------------------------------+------+-------------+-------------+-----------+
| Financial liabilities | | | | |
+------------------------------------------------+------+-------------+-------------+-----------+
| - Borrowings | | 2,036 | 14,245 | 15,908 |
+------------------------------------------------+------+-------------+-------------+-----------+
| - Derivative financial instruments | | 368 | - | - |
+------------------------------------------------+------+-------------+-------------+-----------+
| Trade and other payables | | 20,926 | 15,364 | 15,545 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Deferred tax liabilities | | - | 265 | - |
+------------------------------------------------+------+-------------+-------------+-----------+
| Current tax liabilities | | 68 | 350 | 72 |
+------------------------------------------------+------+-------------+-------------+-----------+
| | | 23,398 | 30,224 | 31,525 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Liabilities directly associated with assets | | 1,647 | - | 1,125 |
| classified as held for sale | | | | |
+------------------------------------------------+------+-------------+-------------+-----------+
| | | 25,045 | 30,224 | 32,650 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Net current assets/(liabilities) | | 6,477 | (4,650) | (6,421) |
+------------------------------------------------+------+-------------+-------------+-----------+
| Non-current liabilities | | | | |
+------------------------------------------------+------+-------------+-------------+-----------+
| Financial liabilities | | | | |
+------------------------------------------------+------+-------------+-------------+-----------+
| -Borrowings | | 15,436 | - | - |
+------------------------------------------------+------+-------------+-------------+-----------+
| Deferred tax liabilities | | 9,297 | 8,862 | 13,289 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Retirement benefit obligations | | 928 | 656 | 759 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Provision for liabilities and charges | 11 | 4,319 | 4,600 | 5,568 |
+------------------------------------------------+------+-------------+-------------+-----------+
| | | 29,980 | 14,118 | 19,616 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Net assets | | 35,526 | 43,588 | 42,667 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Shareholders' equity | | | | |
+------------------------------------------------+------+-------------+-------------+-----------+
| Ordinary shares | 12 | 29,141 | 29,141 | 29,141 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Share premium account | | 34,708 | 34,708 | 34,708 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Capital redemption reserve | | 500 | 500 | 500 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Translation reserve | | 1,184 | (2,061) | (1,070) |
+------------------------------------------------+------+-------------+-------------+-----------+
| Retained earnings | | (30,580) | (19,262) | (21,175) |
+------------------------------------------------+------+-------------+-------------+-----------+
| Equity shareholders' funds | 13 | 34,953 | 43,026 | 42,104 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Minority interests in equity | | 573 | 562 | 563 |
+------------------------------------------------+------+-------------+-------------+-----------+
| Total equity | | 35,526 | 43,588 | 42,667 |
+------------------------------------------------+------+-------------+-------------+-----------+
Consolidated Cash Flow Statement
+----------------------------------------------+------+-------------+-------------+-----------+
| | | Half year | Half year | Year to |
| | | to | to | 30 Sep 08 |
| | | 31 Mar 09 | 31 Mar 08 | |
+----------------------------------------------+------+-------------+-------------+-----------+
| |Note | (Unaudited) | (Unaudited | (Audited) |
| | | GBP'000 | and | GBP'000 |
| | | | restated) | |
| | | | GBP'000 | |
+----------------------------------------------+------+-------------+-------------+-----------+
| Cash flows from operating activities | | | | |
+----------------------------------------------+------+-------------+-------------+-----------+
| Cash generated from/(used in) operations | 14 | 1,967 | (1,735) | (1,149) |
+----------------------------------------------+------+-------------+-------------+-----------+
| Finance income received | | 2 | 3 | 27 |
+----------------------------------------------+------+-------------+-------------+-----------+
| Finance costs paid | | (735) | (483) | (946) |
+----------------------------------------------+------+-------------+-------------+-----------+
| Tax (paid)/received | | (465) | (93) | 172 |
+----------------------------------------------+------+-------------+-------------+-----------+
| Net cash generated from/(used in) operating | | 769 | (2,308) | (1,896) |
| activities | | | | |
+----------------------------------------------+------+-------------+-------------+-----------+
| Cash flows from investing activities | | | | |
+----------------------------------------------+------+-------------+-------------+-----------+
| Proceeds from sale of operations | | 2,050 | 1,571 | 1,847 |
+----------------------------------------------+------+-------------+-------------+-----------+
| Proceeds from sale of property, plant and | | 1,404 | 413 | 447 |
| equipment | | | | |
+----------------------------------------------+------+-------------+-------------+-----------+
| Purchase of property, plant and equipment | | (1,287) | (908) | (1,368) |
+----------------------------------------------+------+-------------+-------------+-----------+
| Purchase of intangible assets | | (153) | (367) | (1,343) |
+----------------------------------------------+------+-------------+-------------+-----------+
| Net cash generated from/(used in) investing | | 2,014 | 709 | (417) |
| activities | | | | |
+----------------------------------------------+------+-------------+-------------+-----------+
| Cash flows from financing activities | | | | |
+----------------------------------------------+------+-------------+-------------+-----------+
| Net proceeds from issue of ordinary share | | - | 17 | 17 |
| capital | | | | |
+----------------------------------------------+------+-------------+-------------+-----------+
| Net movements in loans | | (4,305) | 5,037 | 9,100 |
+----------------------------------------------+------+-------------+-------------+-----------+
| Dividends paid to shareholders | | - | (1,367) | (1,367) |
+----------------------------------------------+------+-------------+-------------+-----------+
| Net cash (used in)/generated from financing | | (4,305) | 3,687 | 7,750 |
| activities | | | | |
+----------------------------------------------+------+-------------+-------------+-----------+
| Net (decrease)increase in cash, cash | | (1,522) | 2,088 | 5,437 |
| equivalents and bank overdrafts | | | | |
+----------------------------------------------+------+-------------+-------------+-----------+
| Cash, cash equivalents and bank overdrafts | | 414 | (5,037) | (5,037) |
| at beginning of the period | | | | |
+----------------------------------------------+------+-------------+-------------+-----------+
| Effects of exchange rate changes | | 45 | (20) | 14 |
+----------------------------------------------+------+-------------+-------------+-----------+
| Cash, cash equivalents and bank overdrafts | 15 | (1,063) | (2,969) | 414 |
| at end of the period | | | | |
+----------------------------------------------+------+-------------+-------------+-----------+
Notes to the Interim Financial Statements
1.General information
The company is a limited liability company incorporated and domiciled in the UK.
The address of its registered office is Hampton Park West, Semington Road,
Melksham, Wiltshire, SN12 6NB.
The company has its primary listing on the London Stock Exchange.
This condensed consolidated half-yearly financial information was approved for
issue on 21 May 2009.
These interim financial results do not comprise statutory accounts within the
meaning of Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 30 September 2008 were approved by the Board of Directors on 27
November 2008 and delivered to the Registrar of Companies. The report of the
auditors on those accounts was unqualified, did not contain an emphasis of
matter paragraph and did not contain any statement under Section 237 of the
Companies Act 1985.
2.Basis of preparation
This condensed consolidated half-yearly financial information for the half-year
ended 31 March 2009 has been prepared in accordance with the Disclosures and
Transparency rules of the Financial Services Authority and with IAS 34, 'Interim
financial reporting' as adopted by the European Union. The half-yearly condensed
consolidated financial report should be read in conjunction with the annual
financial statements for the year ended 30 September 2008, which have been
prepared in accordance with IFRS as adopted by the European Union.
3.Restatement of comparatives
* The 31 March 2008 income and cashflow statements have been restated to reflect
the Avon Engineered Fabrications business as discontinued.
* Note 5, Segmental analysis, has been restated as a result of the early adoption
of IFRS8.
4.Accounting policies
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended 30 September 2008, as described in those
financial statements.
Recent accounting developments
The following standards, amendments and interpretations have been issued by the
International Accounting Standards Board or by the IFRIC but have not yet been
adopted. Subject to endorsement by the European Union, these will be adopted in
future periods. IFRS 8 has been endorsed, and the other standards, amendments
and interpretations are being considered for endorsement. The Group's approach
to these is as follows.
(a) Standards, amendments and interpretations effective in 2009
The following standards, amendments and interpretations to published standards
are mandatory for accounting periods beginning on or after 1 October 2008 but
are not relevant to the Group or the Company's operations, or have no
significant impact:
* IFRIC 11, "IFRS 2 - Group and treasury share transactions".
* IFRIC 12, "Service concession arrangements".
* IFRIC 13, "Customer loyalty programmes".
(b) Standards, amendments and interpretations to existing standards that are not
yet effective and have not been adopted early by the Group
The following new standards, amendments to standards and interpretations have
been issued, but are not effective for the financial year beginning 1 October
2008 and have not been adopted early:
* IAS 23 (amendment), "Borrowing costs", effective for annual periods beginning on
or after 1 January 2009. This amendment is not relevant to the Group.
* IFRS 2 (amendment) "Share-based payment", effective for annual periods beginning
on or after 1 January 2009. Management is assessing the impact of changes to
vesting conditions and cancellations on the Group's SAYE schemes.
* IFRS 3 (amendment), "Business combinations" and consequential amendments to IAS
27, "Consolidated and separate financial statements", IAS 28, "Investments in
associates" and IAS 31, "Interests in joint ventures", effective prospectively
to business combinations for which the acquisition date is on or after the
beginning of the first annual reporting period beginning on or after 1 July
2009. Management is assessing the impact of the new requirements regarding
acquisition accounting, consolidation and associates on the Group. The Group
does not have any joint ventures.
* IAS 1 (amendment), "Presentation of financial statements", effective for annual
periods beginning on or after 1 January 2009. Management is in the process of
developing pro forma accounts under the revised disclosure requirements of this
standard.
* IAS 32 (amendment), "Financial instruments: presentation", and consequential
amendments to IAS 1, "Presentation of financial statements", effective for
annual periods beginning on or after 1 January 2009. This is not relevant to the
Group, as the Group does not have any puttable instruments.
(c) Standards, amendments and interpretations to existing standards that have
been adopted early by the Group
* IFRS 8, "Operating segments", effective for annual periods beginning on or after
1 January 2009. IFRS 8 replaces IAS 14, "Segment reporting", and requires a
"management approach" under which segment information is presented on the same
basis as that used for internal reporting purposes.
* IFRIC 14, "IAS 19 - the limit on a defined benefit asset, minimum funding
requirements and their interaction".
5. Segmental analysis
Due to the differing natures of the products and their markets, Avon Rubber
p.l.c.'s primary reporting segment is by business sector split Protection &
Defence ("P&D") and Dairy. An analysis of revenue by geographic origin has also
been provided.
+-------------------------------------------------------+-----------+------------+----------+
| | Half year to 31 Mar 09 |
| | (Unaudited) |
+-------------------------------------------------------+-----------------------------------+
| | P&D | Dairy | Group |
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------------------+-----------+------------+----------+
| Revenue | 31,369 | 12,709 | 44,078 |
+-------------------------------------------------------+-----------+------------+----------+
| Segment result before depreciation, amortisation & | 2,921 | 1,473 | 4,394 |
| exceptional items | | | |
+-------------------------------------------------------+-----------+------------+----------+
| Depreciation & amortisation | (1,286) | (210) | (1,496) |
+-------------------------------------------------------+-----------+------------+----------+
| Segment result | 1,635 | 1,263 | 2,898 |
+-------------------------------------------------------+-----------+------------+----------+
| Corporate expenses | | | (1,125) |
+-------------------------------------------------------+-----------+------------+----------+
| Operating profit | | | 1,773 |
+-------------------------------------------------------+-----------+------------+----------+
| Net finance expense | | | (818) |
+-------------------------------------------------------+-----------+------------+----------+
| Other finance income | | | 86 |
+-------------------------------------------------------+-----------+------------+----------+
| Taxation | | | (498) |
+-------------------------------------------------------+-----------+------------+----------+
| Profit for the period | | | 543 |
+-------------------------------------------------------+-----------+------------+----------+
| Half year to 31 Mar 08 (Unaudited and restated) |
+-------------------------------------------------------------------------------------------+
| | P&D | Dairy | Group |
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------------------+-----------+------------+----------+
| Revenue | 10,875 | 10,842 | 21,717 |
+-------------------------------------------------------+-----------+------------+----------+
| Segment result before depreciation, amortisation & | (1,794) | 2,352 | 558 |
| exceptional items | | | |
+-------------------------------------------------------+-----------+------------+----------+
| Depreciation & amortisation | (1,334) | (217) | (1,551) |
+-------------------------------------------------------+-----------+------------+----------+
| Segment result | (3,128) | 2,135 | (993) |
+-------------------------------------------------------+-----------+------------+----------+
| Corporate expenses | | | (739) |
+-------------------------------------------------------+-----------+------------+----------+
| Operating loss | | | (1,732) |
+-------------------------------------------------------+-----------+------------+----------+
| Net finance expense | | | (448) |
+-------------------------------------------------------+-----------+------------+----------+
| Other finance income | | | 566 |
+-------------------------------------------------------+-----------+------------+----------+
| Taxation | | | 109 |
+-------------------------------------------------------+-----------+------------+----------+
| Loss for the period | | | (1,505) |
+-------------------------------------------------------+-----------+------------+----------+
| | Year to 30 Sep 08 (Audited) |
+-------------------------------------------------------+-----------------------------------+
| | P&D | Dairy | Group |
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------------------+-----------+------------+----------+
| Revenue | 32,616 | 21,990 | 54,606 |
+-------------------------------------------------------+-----------+------------+----------+
| Segment result before depreciation, amortisation & | (2,985) | 3,875 | 890 |
| exceptional items | | | |
+-------------------------------------------------------+-----------+------------+----------+
| Depreciation & amortisation | (2,639) | (422) | (3,061) |
+-------------------------------------------------------+-----------+------------+----------+
| Exceptional items | (8,481) | - | (8,481) |
+-------------------------------------------------------+-----------+------------+----------+
| Segment result | (14,105) | 3,453 | (10,652) |
+-------------------------------------------------------+-----------+------------+----------+
| Corporate expenses | | | (1,934) |
+-------------------------------------------------------+-----------+------------+----------+
| Operating loss | | | (12,586) |
+-------------------------------------------------------+-----------+------------+----------+
| Net finance expense | | | (988) |
+-------------------------------------------------------+-----------+------------+----------+
| Other finance income | | | 1,183 |
+-------------------------------------------------------+-----------+------------+----------+
| Taxation | | | 1,259 |
+-------------------------------------------------------+-----------+------------+----------+
| Loss for the year | | | (11,132) |
+-------------------------------------------------------+-----------+------------+----------+
+----------------------------------------------+-------------+-------------+------------+
| Revenue by origin | Half year | Half year | Year to |
| | to | to | 30 Sep 08 |
| | 31 Mar 09 | 31 Mar 08 | |
+----------------------------------------------+-------------+-------------+------------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-------------+-------------+------------+
| Europe | 5,597 | 5,890 | 11,114 |
+----------------------------------------------+-------------+-------------+------------+
| North America | 38,481 | 15,827 | 43,492 |
+----------------------------------------------+-------------+-------------+------------+
| | 44,078 | 21,717 | 54,606 |
+----------------------------------------------+-------------+-------------+------------+
6.Finance income and costs
+----------------------------------------------+-------------+-------------+------------+
| | Half year | Half year | Year to |
| | to | to | 30 Sep 08 |
| | 31 Mar 09 | 31 Mar 08 | |
+----------------------------------------------+-------------+-------------+------------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-------------+-------------+------------+
| Interest payable on bank loans and | (814) | (451) | (957) |
| overdrafts | | | |
+----------------------------------------------+-------------+-------------+------------+
| Other finance costs | (6) | - | (58) |
+----------------------------------------------+-------------+-------------+------------+
| Total finance costs | (820) | (451) | (1,015) |
+----------------------------------------------+-------------+-------------+------------+
| Finance income | 2 | 3 | 27 |
+----------------------------------------------+-------------+-------------+------------+
| | (818) | (448) | (988) |
+----------------------------------------------+-------------+-------------+------------+
Other finance income represents the excess of the expected return on pension
plan assets over the interest cost relating to retirement benefit obligations.
+----------------------------------------------+-------------+-------------+------------+
| | Half year | Half year | Year to |
| | to | to | 30 Sep 08 |
| | 31 Mar 09 | 31 Mar 08 | |
+----------------------------------------------+-------------+-------------+------------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-------------+-------------+------------+
| Interest cost: UK Scheme | (7,337) | (6,799) | (13,610) |
+----------------------------------------------+-------------+-------------+------------+
| Expected return on plan assets: UK Scheme | 7,494 | 7,446 | 14,860 |
+----------------------------------------------+-------------+-------------+------------+
| Other finance cost: USA Scheme | (71) | (81) | (67) |
+----------------------------------------------+-------------+-------------+------------+
| | 86 | 566 | 1,183 |
+----------------------------------------------+-------------+-------------+------------+
7. Taxation
The split of the tax charge/(credit) between UK and overseas is as follows:
+----------------------------------------------+-------------+-------------+------------+
| | Half year | Half year | Year to |
| | to | to | 30 Sep 08 |
| | 31 Mar 09 | 31 Mar 08 | |
+----------------------------------------------+-------------+-------------+------------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+-------------+-------------+------------+
| United Kingdom | - | 167 | - |
+----------------------------------------------+-------------+-------------+------------+
| Overseas | 498 | (276) | (1,259) |
+----------------------------------------------+-------------+-------------+------------+
| | 498 | (109) | (1,259) |
+----------------------------------------------+-------------+-------------+------------+
8. Results from discontinued operations
+----------------------------------------------+-------------+-------------+-----------+
| | Half year | Half year | Year to |
| | to | to | 30 Sep 08 |
| | 31 Mar 09 | 31 Mar 08 | |
+----------------------------------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited | (Audited) |
| | GBP'000 | and | GBP'000 |
| | | restated) | |
| | | GBP'000 | |
+----------------------------------------------+-------------+-------------+-----------+
| Revenue | 4,334 | 7,422 | 11,337 |
+----------------------------------------------+-------------+-------------+-----------+
| Operating profit/(loss) from discontinued | 357 | (3,829) | (6,881) |
| operations | | | |
+----------------------------------------------+-------------+-------------+-----------+
| Operating profit/(loss) is analysed as: | | | |
+----------------------------------------------+-------------+-------------+-----------+
| Before exceptional items | 357 | (1,238) | (2,023) |
+----------------------------------------------+-------------+-------------+-----------+
| Exceptional operating items | - | (2,591) | (4,858) |
+----------------------------------------------+-------------+-------------+-----------+
| Taxation | (117) | - | - |
+----------------------------------------------+-------------+-------------+-----------+
| Loss on disposal | - | (554) | (1,456) |
+----------------------------------------------+-------------+-------------+-----------+
| Profit/(loss) for the period from | 240 | (4,383) | (8,337) |
| discontinued operations | | | |
+----------------------------------------------+-------------+-------------+-----------+
In the half year to 31 March 2009 the results from discontinued operations
relate to the US Engineered Fabrications operation which was being actively
marketed for sale during the period.
9. Dividends
The Directors are proposing that no interim dividend be paid in respect of the
half year ending 31 March 2009.
10.Earnings/(loss) per share
Basic earnings/(loss) per share is based on a profit attributable to ordinary
shareholders of GBP773,000 (2008: GBP5,893,000 loss) and 28,474,000 (2008:
28,472,000) ordinary shares being the weighted average of the shares in issue
during the period.
Earnings/(loss) per share from continuing operations is based on a profit
attributable to ordinary shareholders from continuing operations of
GBP533,000 (2008: GBP1,510,000 loss).
Earnings/(loss) per share from discontinued operations amounts to 0.8p (2008:
14.6p loss) and is based on a profit from discontinued operations of GBP240,000
(2008: GBP4,383,000 loss).
The company has 1,320,147 dilutive potential ordinary shares in respect of the
Performance Share Plan.
11. Provisions for liabilities and charges
+------------------------------------------------------+------------------+------------+----------+
| | Other provisions | Automotive | Total |
| | GBP'000 | disposal | GBP'000 |
| | | GBP'000 | |
+------------------------------------------------------+------------------+------------+----------+
| Balance at 30 September 2008 | 2,088 | 3,480 | 5,568 |
+------------------------------------------------------+------------------+------------+----------+
| Payment in the period | (512) | (737) | (1,249) |
+------------------------------------------------------+------------------+------------+----------+
| At 31 March 2009 | 1,576 | 2,743 | 4,319 |
+------------------------------------------------------+------------------+------------+----------+
12. Share capital
+-------------------------------------------------+-------------+----------+---------+---------+
| | Number of | Ordinary | Share | Total |
| | shares | shares | premium | GBP'000 |
| | (thousands) | GBP'000 | GBP'000 | |
+-------------------------------------------------+-------------+----------+---------+---------+
| Balance as at 1 October 2008 and 31 March 2009 | 29,141 | 29,141 | 34,708 | 63,849 |
+-------------------------------------------------+-------------+----------+---------+---------+
13. Changes in equity
+--------------------------------------------------+-------------+-------------+------------+
| | Half year | Half year | Year to |
| | to | to | 30 Sep 08 |
| | 31 Mar 09 | 31 Mar 08 | |
+--------------------------------------------------+-------------+-------------+------------+
| | (Unaudited) | (Unaudited) | (Audited) |
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------------------+-------------+-------------+------------+
| At the beginning of the period | 42,104 | 42,899 | 42,899 |
+--------------------------------------------------+-------------+-------------+------------+
| Profit/(loss) for the period attributable to | 773 | (5,893) | (19,475) |
| equity shareholders | | | |
+--------------------------------------------------+-------------+-------------+------------+
| Dividends paid | - | (1,367) | (1,367) |
+--------------------------------------------------+-------------+-------------+------------+
| Actuarial (loss)/gain recognised in retirement | (14,256) | 9,323 | 25,427 |
| benefit schemes | | | |
+--------------------------------------------------+-------------+-------------+------------+
| Movement on deferred tax relating to retirement | 3,992 | (2,611) | (7,158) |
| benefit asset | | | |
+--------------------------------------------------+-------------+-------------+------------+
| Net exchange differences offset in reserves | 2,254 | 583 | 1,574 |
+--------------------------------------------------+-------------+-------------+------------+
| New share capital subscribed | - | 17 | 17 |
+--------------------------------------------------+-------------+-------------+------------+
| Movement in respect of employee share schemes | 86 | 75 | 187 |
+--------------------------------------------------+-------------+-------------+------------+
| At the end of the period | 34,953 | 43,026 | 42,104 |
+--------------------------------------------------+-------------+-------------+------------+
14. Cash generated from/(used in) operations
+--------------------------------------------------+-------------+------------+------------+
| | Half year | Half year | Year to |
| | to | to | 30 Sep 08 |
| | 31 Mar 09 | 31 Mar 08 | |
+--------------------------------------------------+-------------+------------+------------+
| | (Unaudited) | (Unaudited | (Audited) |
| | GBP'000 | and | GBP'000 |
| | | restated) | |
| | | GBP'000 | |
+--------------------------------------------------+-------------+------------+------------+
| Continuing operations | | | |
+--------------------------------------------------+-------------+------------+------------+
| Profit/(loss) for the financial period | 543 | (1,505) | (11,132) |
+--------------------------------------------------+-------------+------------+------------+
| Adjustments for: | | | |
+--------------------------------------------------+-------------+------------+------------+
| Tax | 498 | (109) | (1,259) |
+--------------------------------------------------+-------------+------------+------------+
| Depreciation | 924 | 1,008 | 1,844 |
+--------------------------------------------------+-------------+------------+------------+
| Amortisation of intangibles | 711 | 829 | 9,780 |
+--------------------------------------------------+-------------+------------+------------+
| Net finance expense | 818 | 448 | 988 |
+--------------------------------------------------+-------------+------------+------------+
| Other finance income | (86) | (566) | (1,183) |
+--------------------------------------------------+-------------+------------+------------+
| Loss on disposal of property, plant and | 15 | 31 | 52 |
| equipment | | | |
+--------------------------------------------------+-------------+------------+------------+
| Movements in working capital and provisions | 582 | (478) | 2,359 |
+--------------------------------------------------+-------------+------------+------------+
| Other movements | 86 | (1,030) | (1,145) |
+--------------------------------------------------+-------------+------------+------------+
| Cash generated from/(used in) continuing | 4,091 | (1,372) | 304 |
| operations | | | |
+--------------------------------------------------+-------------+------------+------------+
| Discontinued operations | | | |
+--------------------------------------------------+-------------+------------+------------+
| Profit/(loss) for the financial period | 240 | (4,383) | (8,337) |
+--------------------------------------------------+-------------+------------+------------+
| Adjustments for: | | | |
+--------------------------------------------------+-------------+------------+------------+
| Tax | 117 | - | - |
+--------------------------------------------------+-------------+------------+------------+
| Depreciation | 65 | 238 | 398 |
+--------------------------------------------------+-------------+------------+------------+
| Impairment of property, plant and equipment | - | - | 688 |
+--------------------------------------------------+-------------+------------+------------+
| Amortisation of intangibles | 6 | - | 5 |
+--------------------------------------------------+-------------+------------+------------+
| Loss on disposal of property, plant and | - | - | 80 |
| equipment | | | |
+--------------------------------------------------+-------------+------------+------------+
| Loss on disposal of operations | - | 554 | 1,456 |
+--------------------------------------------------+-------------+------------+------------+
| Movements in working capital and provisions | (2,552) | 3,228 | 4,143 |
+--------------------------------------------------+-------------+------------+------------+
| Other movements | - | - | 114 |
+--------------------------------------------------+-------------+------------+------------+
| Cash used in discontinued operations | (2,124) | (363) | (1,453) |
+--------------------------------------------------+-------------+------------+------------+
| Cash generated from/(used in) operations | 1,967 | (1,735) | (1,149) |
+--------------------------------------------------+-------------+------------+------------+
15. Analysis of net debt
+----------------------------------------------+----------+----------+-----------+-----------+
| | As at | Cash | Exchange | As at |
| | 30 Sep | flow | movements | 31 Mar |
| | 08 | GBP'000 | GBP'000 | 09 |
| | GBP'000 | | | GBP'000 |
+----------------------------------------------+----------+----------+-----------+-----------+
| Cash at bank and in hand | 769 | 48 | 120 | 937 |
+----------------------------------------------+----------+----------+-----------+-----------+
| Cash included in assets held for sale | 27 | 1 | 8 | 36 |
+----------------------------------------------+----------+----------+-----------+-----------+
| Overdrafts | (382) | (1,571) | (83) | (2,036) |
+----------------------------------------------+----------+----------+-----------+-----------+
| Net cash and cash equivalents | 414 | (1,522) | 45 | (1,063) |
+----------------------------------------------+----------+----------+-----------+-----------+
| Debt due in more than 1 year | - | (11,221) | (4,215) | (15,436) |
+----------------------------------------------+----------+----------+-----------+-----------+
| Debt due within 1 year | (15,526) | 15,526 | - | - |
+----------------------------------------------+----------+----------+-----------+-----------+
| | (15,112) | 2,783 | (4,170) | (16,499) |
+----------------------------------------------+----------+----------+-----------+-----------+
Borrowing facilities
+--------------------------------------------------------+----------+----------+------------+
| | Total | Utilised | Undrawn |
| | facility | | |
+--------------------------------------------------------+----------+----------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------------------------+----------+----------+------------+
| United Kingdom | 20,522 | 15,436 | 5,086 |
+--------------------------------------------------------+----------+----------+------------+
| North America | 2,967 | 2,036 | 931 |
+--------------------------------------------------------+----------+----------+------------+
| Utilised in respect of guarantees | 524 | 524 | - |
+--------------------------------------------------------+----------+----------+------------+
| | 24,013 | 17,996 | 6,017 |
+--------------------------------------------------------+----------+----------+------------+
Of the facilities above, GBP5.0m and $22.2m are committed to 30 June 2010 and
$5.0m is committed to 31 December 2009. These facilities include financial
covenants which are measured on a quarterly basis.
16. Seasonality
Seasonal fluctuations have no material impact on the company's revenues.
17. Principle risks and uncertainties
The principle risks and uncertainties impacting the Group were detailed on page
10 of the 2008 Annual Report & Accounts and remain unchanged at 31 March 2009.
18.Shareholder information
The unaudited interim results for the six months ended 31 March 2009 are
available on the company's website at: www.avon-rubber.com and copies of this
announcement are available for download at
http://interim.avon-rubber.com . Further enquiries should be directed to the
company's registered office at Hampton Park West, Semington Road, Melksham,
Wiltshire, SN12 6NB, England. Email: enquiries@avon-rubber.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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