New delivery order & updated FY 2024 guidance
25 July 2024
We have successfully rebased the business to create a fitter, stronger organisation and it is encouraging to see the benefits of our transformation plan and continuous improvement culture drive improved financial performance.
Avon is pleased to announce Team Wendy has received a follow-on delivery order worth around $19.5 million from the U.S. Defense Logistics Agency under the second-generation Advanced Combat Helmet framework contract announced in February 2022. This gives good order cover well into FY2026.
In addition, overall trading has continued to be strong into the second half of FY24 with good momentum reflected across a number of our strategic and financial KPIs. The benefits of our focus on efficiency, and good operational execution are contributing to faster than expected progress in both Strategic Business Units. As a result, the Group is today issuing the following update to FY 2024 guidance:
- Revenue growth of around 11% (from c.10% previously)
- Group adjusted operating profit margin slightly above 11% (from 10% previously)
- All other FY 2024 guidance remains unchanged
FY2024 Full Year results are due to be released on 19 November 2024.
Jos Sclater, CEO of Avon Protection plc, said:
“Our market leading protection technologies and contract frameworks position us well in the current geopolitical environment.
We have successfully rebased the business to create a fitter, stronger organisation and it is encouraging to see the benefits of our transformation plan and continuous improvement culture drive improved financial performance.
We still have a lot of work to do but are increasingly confident that our strategic initiatives will enable us to meet our medium term targets.”