Last checked at (Sharecast News) - Protective equipment manufacturer Avon Protection said on Tuesday that it had secured a contract to supply the US Defense Logistics Agency with its second-generation advanced combat helmet.
Avon Protection stated the contract had a maximum value of $204.0m over a five-year duration, being a one-year base period with a maximum value of $46.0m plus four further one-year extension options. The base year has a minimum value of $7.0m.
The London-listed firm added that initial revenues were expected in its 2024 financial year, following completion of testing in 2023.
Chief executive Paul McDonald said: "By combining Ceradyne's helmet shell moulding capabilities and Team Wendy's helmet liner and retention system technologies, we have further enhanced our leadership position in helmet technology and broadened our portfolio, increasing our competitiveness in mid-specification ballistic helmets.
"This contract helps underpin the medium-term outlook and visibility for Avon Protection and reflects the strength of our offering to both military and first responder customers globally."
As of 0840 GMT, Avon shares were up 5.71% at 1,166.0p.
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