Avon Protection rebounds in second half

MELKSHAM, U.K.—Avon Protection P.L.C. expects to finish its 2022 financial year (ending Sept. 30) "at least in line with market expectations," following a rebound in the second half of the year.

Trading in the six months to end of September has improved in line with management's expectations as set out at the half year results in May, said Avon in a brief update Sept. 7.

The uptrend was linked to "a modest improvement" in mix in the group's respiratory portfolio and the commencement of body armor deliveries after gaining full factory acceptance testing (FAT) approval.

This, Avon said, partially offset the negative headwinds of the first half, which saw earnings (EBITDA) fall by nearly 48 percent year-on-year to $12.5 million, on 1-percent lower sales of $119 million.

The statement did not provide further financial data for the full year.

The United Kingdom-based manufacturer said it "continued to progress" on the implementation of the $15 million overhead cost saving program announced in December 2021.

"Overall, performance for the year on an excluding armor basis is predicted to be at least in line with market expectations," it said.

The U.K. group also reported that it had recently received an order for 380,000 pairs of M61 filters worth $15 million from the U.S. Department of Defense.

Deliveries under this order are expected to commence in early fiscal year 2023.

Following Paul McDonald's decision to step down as CEO at the end of September, Avon said it could confirm that "the search for his successor is making good progress."