Avon Rubber made solid progress in H1 16, reporting 5% growth in both sales and adjusted PBT despite soft conditions in its Dairy market and an absence of high margin export orders in Protection & Defence (P&D). Adjusted diluted EPS grew by 29% due to a one-off tax benefit, accompanied by a 30% increase in H1 DPS. Meanwhile healthy cash generation drove a c.£5m reduction in net debt even after the acquisition of Argus in October. Management expects to meet consensus expectations for FY16 and we ....