25 July 2024
Avon Protection
plc
("Avon" or the
"Group")
New delivery order &
updated FY 2024 guidance
Avon is pleased to announce
Team Wendy has received a follow-on delivery order
worth around $19.5 million from the U.S. Defense Logistics Agency
under the second-generation Advanced Combat Helmet framework
contract announced in February 2022. This gives good order cover
well into FY2026.
In addition, overall trading has
continued to be strong into the second half of FY24 with good
momentum reflected across a number of our strategic and financial
KPIs. The benefits of our focus on efficiency, and good operational
execution are contributing to faster than expected progress in both
Strategic Business Units. As a result, the Group is today issuing
the following update to FY 2024 guidance:
·
Revenue growth of around 11% (from c.10%
previously)
·
Group adjusted operating profit margin slightly
above 11% (from 10% previously)
·
All other FY 2024 guidance remains
unchanged
FY2024 results are due to be
released on 19 November 2024.
Jos
Sclater, CEO of Avon Protection plc, said:
"Our market leading protection
technologies and contract frameworks position us well in the
current geopolitical environment.
We have successfully rebased the
business to create a fitter, stronger organisation and it is
encouraging to see the benefits of our transformation plan and
continuous improvement culture drive improved financial
performance.
We still have a lot of work to do
but are increasingly confident that our strategic initiatives will
enable us to meet our medium term targets."
For
further enquiries, please contact:
|
Avon Protection plc
|
|
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Jos Sclater, Chief Executive
Officer
Rich Cashin,
Chief Financial Officer
Gabriella Colley, Corporate Affairs Director
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+44 1225 896 848
|
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Sodali & Co
|
|
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Pete Lambie
James White
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+44 7855 432
699
avonprotection@sodali.com
|
About Avon Protection plc:
We are a world leader in protective
equipment, with a reputation for innovative design,
high-performance quality and specialist materials
expertise.
Our two businesses, Avon Protection
and Team Wendy, supply our respiratory and head protection
portfolio to customers across the globe from our manufacturing
sites in the UK and North America.
With over 900 talented people our
shared purpose and core beliefs are to be #FIERCE about Protecting
Lives. It's why we come to work - and it's what motivates us, every
day, to do the best work we can.
For further information, please
visit our website
www.avon-protection-plc.com
The information contained within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK
law by the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.