Last checked at 7 Sep 2022 07:00
7 September 2022
Avon Protection plc
("Avon Protection" or "the Group")
Order announcement and trading update
Avon Protection today provides the following order announcement and a brief update on trading in the second half of its financial year ending 30 September 2022.
The Group is pleased to announce the receipt of an order for c.380,000 pairs of M61 filters worth $15.1 million from the U.S. Department of Defense. Deliveries under this order are expected to commence in early FY23.
Trading in the second half of FY22 has improved in line with management's expectations as set out at the half year results in May. 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. Overall, performance for the year on an excluding armor basis is predicted to be at least in line with market expectations.
Following Paul McDonald's decision to step down as CEO at the end of September, which was announced in May, the Group can confirm that the search for his successor is making good progress.
For further enquiries, please contact:
Avon Protection | +44 1225 896 848 |
Paul McDonald, Chief Executive Officer Rich Cashin, Chief Financial Officer Rory Wiltshire, Investor Relations Manager |
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MHP Communications | +44 771 003 2657 |
Andrew Jaques Charlie Barker Pete Lambie | avonprotection@mhpc.com |
Legal Entity Identifier: 213800JM1AN62REBWA71
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
Note to editors:
Avon Protection designs and produces life-critical personal protection solutions for the world's militaries and first responders. With a portfolio that includes Chemical, Biological, Radiological, Nuclear ("CBRN"), respiratory and head protection products, our mission is to enhance the performance, efficiency and capability of our customers whilst providing ever increasing levels of protection.
Avon Protection operates from six sites employing approximately 1,000 people and is listed on the London Stock Exchange (LSE: AVON).
For further information, please visit our website www.avon-protection-plc.com