Avon Rubber’s trading update highlighted that results are anticipated to be in line with market expectations, demonstrating the consistent track record that has been a hallmark of the company. A strong performance has been delivered across the group, despite the absence of the two large impact orders delivered in FY14 with the switch back to US DoD deliveries offsetting this as expected. With several high-value opportunities in the pipeline, we maintain our FY16 forecasts based upon continued underlying organic growth, acquisition contributions and an expected receipt of one large order. Any subsequent wins would lead to potential earnings upgrades. We maintain our 900p/share fair value.