Avon Technologies (AVON) Trading Update summary

New delivery order and contract momentum

• Team Wendy secured a $19.5 million follow-on delivery order from the U.S. Defense Logistics Agency under the Advanced Combat Helmet contract, providing order cover into FY2026.

• The contract builds on the framework announced in February 2022, reinforcing Avon Protection's position in the defense sector.

Updated FY 2024 guidance

• Revenue growth guidance raised to around 11%, up from approximately 10% previously.

• Group adjusted operating profit margin now expected to be slightly above 11%, compared to 10% previously.

• All other FY 2024 guidance remains unchanged.

Operational and strategic progress

• Strong trading momentum continues into the second half of FY24, with positive trends across key strategic and financial KPIs.

• Efficiency initiatives and operational execution are driving faster-than-expected progress in both business units.

• Transformation plan and continuous improvement culture are delivering improved financial performance.