George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Trading update
Avon has continued to see good commercial momentum in the second half of FY21, with order intake for the year of c.$280 million. This represents total year-on-year order growth of 34% and growth of 15% excluding Team Wendy. As a result, the Group has carried a strong closing order book of $141 million into the new financial year ("FY22"), up 39% on 30 September 2020. This momentum underpins confidence in the Group's growth expectations for FY22.
The Group expects to report revenue of $250 million for FY21 (2020: $213.6 million), which is within the range indicated in our trading update of 13 August 2021. This includes a Team Wendy contribution of $41 million from the first 11 months of ownership, in line with expectations at the time of acquisition.
Investors who take an interest in Avon Protection plc (LON:AVON) should definitely note that the Independent Chairman, Bruce Thompson, recently paid UK£20.90 per share to buy UK£105k worth of the stock. That certainly has us anticipating the best, especially since they thusly increased their own holding by 83%, potentially signalling some real optimism.
24 September 2021
Avon Protection plc
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
Avon Protection plc (the "Company") was informed on 24 September 2021 of the following transactions in the Company's ordinary shares by Persons Discharging Managerial Responsibilities and persons closely associated with them.
The information contained in this notification is disclosed in accordance with the requirements of the Market Abuse Regulation.
1
Details of person discharging managerial responsibilities/person closely associated
a)
Name
Paul McDonald
2
Reason for the notification
a)
Position / status
Chief Executive Officer
b)
Initial notification /
amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Avon Protection plc
b)
LEI
213800JM1AN62REBWA71
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the
financial instrument
and ISIN Code
Ordinary £1 shares in Avon Protection p.l.c.
GB0000667013
b)
Nature of the
transaction
Acquisition of shares
c)
Price(s) and
volume(s)
Price(s)
Volume(s)
GBP 20.69
GBP 20.69
966
966
d)
Aggregated Information
- Aggregated volume
- Aggregated price
- Aggregated total
1,932
GBP 20.69
GBP 39,973.08
e)
Date of the
transaction
2021-09-24
f)
Place of the
transaction
London Stock Exchange (XLON)
1
Details of person discharging managerial responsibilities/person closely associated
a)
Name
Deborah McDonald
2
Reason for the notification
a)
Position / status
Spouse and person closely associated to Chief Executive Officer
b)
Initial notification /
amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Avon Protection plc
b)
LEI
213800JM1AN62REBWA71
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the
financial instrument
and ISIN Code
Ordinary £1 shares in Avon Protection p.l.c.
GB0000667013
b)
Nature of the
transaction
Acquisition of shares
c)
Price(s) and
volume(s)
Price(s)
Vol
•Strong start to 2021 with 47% growth in orders received
•Positive financial performance
•Revenues up 41%; 17.6% excluding Team Wendy
•Adjusted EPS up 28%
CONFIDENT IN FULL YEAR EXPECTATIONS
•Excellent revenue visibility going into the second half
•Opening order book of $156.6m
•Strong pipeline of opportunities
•Discussions ongoing with additional countries under the N ATO N S PA c o n t r a c t
•Actively pursuing several identified opportunities with the DOD and Rest of World Military customers
•Strong demand in our First Responder markets for respiratory protection systems and ballistic helmets
•Team Wendy momentum expected to continue in line with expectations
•Board remains confident in achieving full year expectations
Following the downgrade, the current consensus from Avon Rubber's eight analysts is for revenues of UK£247m in 2021 which - if met - would reflect a major 47% increase on its sales over the past 12 months. Before the latest update, the analysts were foreseeing UK£258m of revenue in 2021.
Non-execs buying in this week and agree with Rogue trader and borisblank, one off costs on acquiring 2 companies and selling one were large and should be minimal in 2021, acquisitions done using there own funds, sold Dairy for £178M (£135M gain on divestment) and bought Wendy Protection for £102M which has better organic growth - what a deal. Despite Velo's comments net cash increased by £98.6M in 2020, helped by profits on divestment and £32.6M continuing businesses' operational cash against operational profit £30.2M of has been consistently good indicating a well managed company with a strong balance sheet.
Take off the one off acquisition costs of £20M+ to see the true profitability What a company, British leading suppler to the US Military with its Body Armour, helmets and Respirators.
All the above in their published annual report!!