(Alliance News) - Avon Protection PLC on Tuesday hailed its progress towards its medium-term goals, citing a growing awareness of the importance of protection against chemical warfare as it reported a jump in adjusted pretax profit.
The Wiltshire, England-based personal protection equipment company said it swung to a pretax loss of USD1.5 million in the six months to March 30, from a profit of USD300,000 a year prior.
The company's adjusted pretax profit however jumped 66% to USD8.8 million from USD5.7 million. Adjusted figures exclude exceptional items and discontinued operations.
Revenue climbed 24% to USD127.1 million from USD101.6 million, while orders received surged 50% to USD190.3 million from USD125.4 million.
The order book as at March 30 stood at a "record" USD190.3 million, up 37% from USD144.7 million at April 1, 2023.
The company lowered its interim dividend per share by 50% to 7.2 US cents from 14.3c a year ago.
Avon now predicts yearly revenue growth of around 10%. It had previously predicted "high single-digit revenue growth".
Noting "excellent progress" towards Avon's medium-term goals, Chief Executive Officer Jos Sclater said: "We are seeing a growing awareness of the importance of high-quality protection against chemical warfare and head injury. In particular, Russia's deployment of chemical weapons in Ukraine has highlighted the need for effective respiratory protection. As the leading supplier of mission-critical head and respiratory protection to the US Department of Defence and other NATO countries, we are well positioned to help protect the people who are protecting us."
Avon shares rose 0.9% to 1,340.40 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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Avon Protection (AVON)