- Military equipment company Avon Rubber said it remains 'confident' of achieving its expectations for the current financial year as positive momentum continued into the second quarter.

Revenue for the first half of the year is expected to be $122 million, up from $87 million. The growth included a first-time contribution from Team Wendy of $20m during the first five months of ownership.

The current order book stood at $155 million and was expected to increase in the second half of the year.

The weighting of revenue to the second half of the year, together with increased inventory holdings to manage longer material lead times, has reduced cash conversion in the first half, but the company expects full year cash conversion to be in line with its 90% plus guidance.

The group will release its results for the six months ended 31 March 2021 on 25 May 2021.

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