- Avon Rubber said annual profit fell more than third as its decision to pull its breathing apparatus product line in the fire market led to a writedown and increased costs.

For the 12 months ended 30 September, pre-tax profit fell 36.6% to £13.7m and revenue increased 8.3% to $179.3m as orders received climbed 5% on-year.

Performance was hurt by exceptional items, up to £12.4m, due to the exit from self-contained breathing apparatus product line in the Fire market, one-off pension benefit equalisation, and acquisition costs, the company said.

The company declared a final dividend per share of 13.89p up 30%, taking the full-year total dividend to 20.83p, up 30.0%.

Looking ahead, Avon said a strong opening order book of £40.4m provided confidence for 2020 and it expected to return to a net cash position by early 2021.

At 8:41am: [LON:AVON] Avon Rubber PLC share price was -26p at 1864p

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