Avon Rubber to launch £18.5m share buyback programme; revenue to be second-half weighted

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Military protection supplier Avon Rubber detailed plans to launch a £18.5 million share buyback programme demand, and said it expected revenue to be weighted toward the second half of the year amid continued longer order lead times.

'The board does not intend to initiate any major merger and acquisition activity in 2022 and given the strong financial position and expected cash generation, the purpose of this buy-back is to maximise the efficiency of the balance sheet for shareholders' benefit,' the company said.

Supply chain disruptions, as communicated last year, continued but were now 'largely stable, with mitigating actions continuing to be taken,' the company said.

'The board therefore remains confident of achieving its expectations for the current financial year.'