Avon Protection PLC AGM Trading Update (0331O)
27 Gennaio 2023 - 8:00AM
UK Regulatory
TIDMAVON
RNS Number : 0331O
Avon Protection PLC
27 January 2023
27 January 2023
Avon Protection plc
("Avon Protection" or "the Group")
AGM Trading Update
Avon Protection is pleased to announce a trading update for the
first quarter of its 2023 financial year ("Q1" or the "Period"),
ahead of its Annual General Meeting today.
Respiratory and head protection sales were at similar levels to
Q1 2022, following a strong final quarter in respiratory last year.
Overall, revenue in Q1 was up 6% versus last year, driven by the
previously anticipated increase in sales of armour products.
Work to ramp up production on the Next-Generation IHPS helmet is
ongoing, ahead of first deliveries in H2. The First Article Testing
process for the ACH GEN II helmet is progressing well, with initial
revenue expected in the first half of 2024. Body armour pressing
and assembly is progressing as planned, though costs per unit
remain high. We continue to expect armour production to end in Q3,
with completion of deliveries by the end of the financial year.
The Group has a strong order pipeline for our leading
respiratory products and further growth in demand is expected for
head protection range. Due to the normal seasonality and timing of
order receipts, revenue will be weighted to the second half, with
FY23 expected to represent a year of good progress for Avon
Protection.
Bruce Thompson, Non-Executive Chair, said:
"Jos Sclater joined Avon Protection as our new Chief Executive
Officer at the start of this month and we welcome him to the Group.
We look forward to making further progress on our key operational
and strategic initiatives as we enter a new chapter of delivery,
improvement and growth under his leadership."
Avon Protection will report its Interim Results for the six
months ending 31 March 2023 on 23 May 2023.
For further enquiries, please contact:
Avon Protection plc
Jos Sclater, Chief Executive Officer +44 1225 896 848
Rich Cashin, Chief Financial Officer
Rory Wiltshire, Investor Relations Manager
MHP
Tim Rowntree +44 7710 032 657
Alan Tovey avonprotection@mhpgroup.com
Pete Lambie
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.
About Avon Protection:
Avon Protection make products that are trusted to protect the
world's militaries and first responders.
Our dedicated teams achieve this by developing mission-critical
solutions that enhance our customers' performance, efficiency and
capability, whilst providing ever-increasing levels of
protection.
With a portfolio that includes respiratory and head protection
systems, we are renowned for our innovative thinking and our
steadfast approach to manufacturing unrivalled products.
For further information, please visit our website www.avon-protection-plc.com
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END
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