Updates

Avon Rubber - Homeland and export orders for M50 grow

January 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

A record year for Avon with a pretax profit of Â£10.2m, up from Â£7.1m in 2010. Correspondingly eps went from 20.7p to 29.1p. On the protection and defence side, sales fell from Â£90m to Â£77.7m but there was a better sales mix and improved operational efficiencies, so that operating profits increased 6% to Â£7.5m. It appears that whilst DOD budget issues reduced orders for fuel and water storage tanks (down Â£15m) at the non core Avon Engineered Fabrications (always a lumpy and unpredictable business), the core business of supplying the M50 military respirators remained unaffected. Avon reports good visibility on the offtake position for 2012 too, based on the present order book to supply 190,000 M50 mask systems. Meanwhile ...

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Creston

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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