Avon Rubber enters second half with confidence

Avon Rubber (AVON) largely shrugged off the Covid-19 pandemic in the six months to 31 March. Buoyed by the acquisition of 3M’s (US:MMM) ballistic protection business in January – which will henceforth be known as ‘helmets and armour’ – adjusted cash profits (Ebitda) shot up by over 50 per cent to £21m. Statutory earnings did decline, however, thanks to one-off charges relating to the deal, such as a £5m inventory adjustment.