- Avon Rubber hiked its dividend Wednesday after reporting a rise in annual profits even as revenue growth was limited by a stronger pound.

For the 12 months ended 30 September, profit before tax grew to £21.6m from £18.9m a year earlier and revenue increased by 4.0% to £165.5m.

The stronger pound hurt performance as the company's US businesses accounted for over 70% of the group.

The closing order book of £37.8m was 23.4% higher than at the end of 2017, while the opening order book for 2019 provided 'good visibility heading into the new financial year,' the company said.

The company increased the final dividend by 30% to 10.68p

'The revenue opportunities from new products and customers is expected to offset the impact of the anticipated reduction in M50 mask system volumes,' Avon Rubber said.

At 9:49am: [LON:AVON] Avon Rubber PLC share price was +32.5p at 1332.5p

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