Avon Technologies swung to profit in first half, eyes full-year growth

(Alliance News) - Avon Technologies PLC on Wednesday reported a swing to pretax profit and a rise in revenue in its first half.

For the six months to March 31, the Wiltshire, England-based military protection manufacturer reported a pretax profit of USD3.1 million, swinging from a USD1.5 million loss a year earlier. Revenue rose 17% to USD148.7 million from USD127.1 million.

This was attributed to the "Austrian Military sales of its FM54 respirators, delivery of rebreathers to the German Navy and ramp up of ACH GEN II helmets".

The company declared an interim dividend of 7.6 cents, up 5.6% from 7.2 cents.

Looking forward, Avon expects to deliver double-digit revenue growth in financial 2025 with improved returns in the second half.

It added that is "on track" to deliver an adjusted operating margin between 14 and 16% in financial 2026.

Avon expects to reach its medium-term targets in 2026.

Chief Executive Officer Jos Sclater said: "Our strategy is delivering and we remain confident that our approach to improving businesses creates value. This is illustrated by our strong order book and our revenue and profit growth in the first half. We remain resolute in pursuing our strategy and improving our businesses, notwithstanding an increasingly uncertain macro-economic and geopolitical environment.

"The pace of change in Avon Technologies is accelerating and we continue to build our people's capability to enable this to happen. I am grateful to all our colleagues for supporting the changes we are all making to enable Avon Technologies to thrive.

"The next six months are important to us. While we still have a lot to do, we are optimistic that we will achieve our margin target a year early in 2026."

Avon shares rose 5.1% to 1,643.04 pence in London on Wednesday morning.

By Olivia Mason-Myhill, Alliance News reporter

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