Avon Protection PLC Body armor strategic review (1577S)
12 Novembre 2021 - 8:00AM
UK Regulatory
TIDMAVON
RNS Number : 1577S
Avon Protection PLC
12 November 2021
12 November 2021
Avon Protection plc
Body armor strategic review
Avon Protection plc ("Avon Protection" or "the Group") today
provides an update on its body armor business.
Body armor update
Following the contract awards for the U.S. Defense Logistics
Agency ("DLA") Enhanced Small Arms Protective Inserts ("ESAPI") and
U.S. Army Vital Torso Protection ("VTP") ESAPI body armor plates,
we have been engaged with our customers to complete the necessary
product approval processes. Disappointingly, the VTP ESAPI plates
have encountered a failure in First Article Testing which will
significantly delay the likely approval timetable for this
product.
Separately, we have experienced further delays in obtaining
final product approvals for the DLA ESAPI body armor plates, with
approvals for this product now expected in the second quarter of
our financial year ending 30 September 2022 ("FY22").
Strategic review of body armor business
In light of these challenges, the Board has initiated a
strategic review of our body armor business.
Our FY22 revenue guidance included approximately $40 million of
body armor revenue. In light of the above, the financial
contribution from our body armor business in FY22 and beyond will
be significantly reduced, with the ultimate impact, including any
associated cost savings, depending on the outcome of the review
process.
These issues and the strategic review are restricted to the body
armor business, with the Group's leading respiratory protection and
helmet product portfolios unaffected.
Delay to FY21 results announcement
Our underlying trading results for FY21 are expected to be in
line with the guidance set out in the post close trading update of
13 October 2021.
We have delayed the announcement of our FY21 results, initially
planned for 23 November 2021, to allow for a review of the carrying
value of the assets related to the body armor business and the
additional audit work arising from this post balance sheet
event.
We will confirm a revised announcement date, which we expect to
be in early December, as soon as practicable. We will include an
update on our strategic review of our body armor business and
provide updated guidance for FY22 and beyond alongside our FY21
results announcement.
For further enquiries, please contact:
Avon Protection plc
Paul McDonald, Chief Executive Officer +44 1225 896 848
Nick Keveth, Chief Financial Officer
Rachel Stevens, Director of Investor Relations
MHP Communications
Andrew Jaques +44 783 462 3818
Charlie Barker +44 771 003 2657
Peter 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 plc is listed on the London Stock Exchange (LSE:
AVON) and is an innovative technology group, which designs and
produces life critical personal protection systems to maximise the
performance and capabilities of its customers, with leading
positions in the respiratory and ballistic protection markets for
the world's militaries and first responders.
For further information, please visit our website
www.avon-protection-plc.com.
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