New delivery order & updated FY 2024 guidance

Avon Protection PLC

25 July 2024

 

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
Jos Sclater, Chief Executive Officer  Rich Cashin, Chief Financial Officer  Gabriella Colley, Corporate Affairs Director	[phone]
Sodali & Co
Pete Lambie James White	[phone]  [e-mail]

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.

 

END