StockMarketWire.com - Avon Rubber saw first-half profits tumble as performance was hurt by the timing and impact of the US Government partial shutdown and weak dairy market conditions at the start of the year. For the six months ended 31 March, profit before tax fell 63.8% to £3.4m and revenue slipped 5.3% to £73.6m. Weak dairy market conditions in Q1 led to reduced revenues for milkrite, the company said. The company touted improved performance in the second half of the year, expecting higher-expected-revenue and improved sales mix would drive a recovery in EBITDA margins. The opening order book of £59.1m and recently announced $16.6m mask system contract 'provided excellent visibility going into the second half of 2019,' the company said.

The company maintained its annual guidance, citing strong contract momentum in Avon Protection. 'As a result of this strong contract momentum in Avon Protection and despite the financial performance in H1 being adversely impacted by the U.S. Government partial shutdown and challenging dairy market conditions, the Board remains confident in delivering full year expectations,' the company said.



At 9:49am: [LON:AVON] Avon Rubber PLC share price was -81p at 1393p



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