Avon Protection, a London-listed manufacturer specializing in gas masks, helmets, and body armor, has announced that its performance in the second half of fiscal 2023 exceeded expectations. The company experienced significant growth in its order book and achieved higher underlying earnings, resulting in a strong performance for the year.
Robust Growth in Order Book
As of September 30, Avon Protection’s order book demonstrated a growth of over 10% compared to fiscal 2022. This growth was primarily driven by a surge in demand for helmets, which helped offset the anticipated decrease in respiratory demand.
Next-Generation Head-Protection System Helmets
Avon Protection has outstanding orders worth $59 million for its cutting-edge next-generation head-protection system helmets. Additionally, the company has received a delivery order valued at more than $7 million, further highlighting the strong demand for their innovative products.
Year-End Debt Position
Due to the timing of cash receipts from the shipment of several large orders in the final month of the fiscal year ending September 30, Avon Protection expects its year-end debt position on a covenant basis to be around $65 million. However, the company anticipates that receivables associated with these orders will be paid during the first quarter of fiscal 2024. This payment will significantly reduce debt by up to $20 million.
Avon Protection’s impressive performance in the second half of fiscal 2023 positions them for continued growth and success in the future.
