(Alliance News) - Avon Protection PLC on Wednesday said it has received an order worth over USD15 million from the US Department of Defense, as it reported improved trading in the second half of its financial year.
Shares in Avon were up 14% at 839.43 pence in London.
The personal protection company has received an order for 380,000 pairs of M61 filters worth USD15.1 million from the US Department of Defense. Deliveries are expected to commence in early in its 2023 financial year.
Trading in the second half of its current financial year, which ends September 30, has improved as expected.
"This is due to a modest improvement in mix in our respiratory portfolio and the commencement of body armor deliveries following achievement of full FAT approval, which partially offset the negative headwinds seen in H1. In addition, cost reduction activities continue to progress as expected," it said.
Overall, performance for the soon-to-end financial year, excluding armor, should be "at least in line" with market expectations.
The company added that its search for Chief Executive Paul McDonald's replacement is going well. He is due to step down at the end of this month.
By Lucy Heming; lucyheming@alliancenews.com
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Avon Protection (AVON)