REG - Avon Technologies - Preliminary Results
19/11/2024 07:00
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RNS Number : 6900M Avon Technologies Plc 19 November 2024
AVON TECHNOLOGIES PLC
("Avon Technologies", "Avon" or the "Group")
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
ACCELERATING PERFORMANCE
30 September 2024 30 September 2023 Change Change (constant currency)(4)
Period ended:
Continuing operations(1)
Orders received $364.4m $258.7m 40.9% 40.1%
Closing order book $225.2m $135.8m 65.8% 64.3%
Revenue $275.0m $243.8m 12.8% 12.2%
Adjusted(2) EBITDA $43.4m $35.7m 21.6% 22.9%
Adjusted(2) operating profit $31.6m $21.2m 49.1% 53.4%
Adjusted(2) profit before tax $25.3m $14.0m 80.7% 88.8%
Adjusted(2) basic earnings per share 69.9c 40.3c 73.4% 80.2%
Total dividend per share 23.3c 29.6c
Net debt excluding lease liabilities $43.5m $64.5m (32.6%)
Statutory results
Operating profit/(loss) from continuing operations(3) $10.7m $(12.6)m
Profit/(loss) before tax from continuing operations $2.3m $(20.2)m
Profit/(loss) for the period $3.0m $(14.4)m
Basic profit/loss per share 10.0c (48.0c)
Net debt $65.4m $85.4m
Strong financial performance
o Significant growth in revenue, operating margin, ROIC and free cash flow
o Leverage now below 1x
Continuous Improvement ("CI") delivering
o All factories now implementing CI programmes
o Significant operational KPI improvements
§ 21% productivity improvement(5) vs FY23
§ 54% reduction in scrap(5) across all factories vs FY23
§ Group inventory turns(5) increased 7% to 3.1x (FY23: 2.9x)
Transformation getting bolder
o Consolidation of helmet manufacturing sites on track
o Additional CI opportunities with strong payback potential identified
o Transformation operational expenditure expected to be self-funded through CI
improvements
Orderbook and pipeline expanding
o Record order book of $225m gives confidence for FY25 and beyond:
§ Up to £38m UK MOD General Service Respirator and filter contract win
§ New respirator contract win with Australian Defence Force
§ US DOD delivery orders totalling $34m for ACH (Advanced Combat Helmet) GEN
II
§ $42m Next Generation Integrated Head Protection System (NG IHPS) delivery
orders from US Army
§ New Zealand and German Navy rebreather orders
o 3 new 'Programs of Record' with US DOD for Hood Mask Interface development
programme
Faster progress towards medium-term goals
o Expect continued growth and consistent returns in FY25 as we implement our
footprint and manufacturing optimisation programmes
o Potential to reach medium-term operating margin and ROIC target ranges in
FY26 (previously FY27)
o Confidence in delivering further sustained growth and improved returns over
the long term
Jos Sclater, Chief Executive Officer, commented:
"It is now 18 months since we launched the STAR strategy and we are making
good progress. This is demonstrated by our much stronger financial
performance, improving operating metrics and a fast-growing order book.
I am however most excited by the ability of the organisation to change and
translate strategy into action. We have built a culture where improving
processes is becoming the Avon way of life, we have much more capable people
and the pace of change is accelerating.
As a result of the progress made during the year, we see the potential to
reach our medium-term operating margin and ROIC guidance target ranges a year
early, in 2026. We also expect the transformation programme to be largely
complete by then, with an accompanying significant decrease in transformation
cash costs providing the platform for a broader capital allocation strategy."
For further enquiries, please contact:
Avon Technologies plc
Jos Sclater, Chief Executive
Officer
+44 1225 896 848
Rich Cashin, Chief Financial
Officer
Gabriella Colley, Corporate Affairs
Director
+44 7891 206 239
Sodali & Co
Pete Lambie
avontechnologies@sodali.com (mailto:avontechnologies@sodali.com)
James
White
+44 7855 432 699
Analyst and investor webcast
Jos Sclater, Chief Executive Officer, and Rich Cashin, Chief Financial
Officer, will host a presentation for analysts and investors at 9.00am this
morning, at Sodali & Co, 13(th) Floor, 122 Leadenhall St, City of London,
EC3V 4AB. The presentation will also be broadcast live at:
https://brrmedia.news/AVON_FY_24 (https://brrmedia.news/AVON_FY_24)
To attend in person please contact: avontechnologies@sodali.com
avontechnologies@sodali.com (mailto:avontechnologies@sodali.com)
Notes:
(1) At 30 September 2023 Armour operations were fully closed. Armour was
therefore classified as a discontinued operation in the prior period.
(2) The Directors believe that adjusted measures provide a useful comparison
of business trends and performance. Adjusted results exclude exceptional items
and discontinued operations. The term adjusted is not defined under IFRS and
may not be comparable with similarly titled measures used by other companies.
(3) Reported operating profit includes $6.2m amortisation of acquired
intangibles, transformational costs of $13.0m, and $1.7m impairment of
non-current assets. See Adjusted Performance Measures section for full
breakdown of adjustments and comparatives.
(4) Constant currency measures are provided in the adjusted performance
measures section.
(5) Productivity improvement is measured as revenue / direct headcount, scrap
is measured as scrap value / revenue and inventory turns is measured as cost
of sales / inventory. Full calculations are provided in the Adjusted
Performance Measures section.
About Avon Technologies plc:
Avon Technologies plc make products that are trusted to protect the world's
militaries and first responders.
Our dedicated teams achieve this by developing mission-critical solutions
that enhance our customers' performance, efficiency and capability, whilst
providing ever-increasing levels of protection.
With a portfolio that includes respiratory and head protection systems, we are
renowned for our innovative thinking and our steadfast approach to
manufacturing unrivalled products.
For further information, please visit our website www.avon-technologiesplc.com
(http://www.avon-technologiesplc.com)
Legal Entity Identifier: 213800JM1AN62REBWA71
CEO REVIEW
FINANCIAL SUMMARY
We closed the year with a record $225.2m order book, a 64.3% increase vs last
year, reflecting the benefits of our new operating structure, strategy and
excellent demand for Avon Protection and Team Wendy's market-leading products.
This strong order intake was predominantly driven by growth in Team Wendy's
Next Generation Integrated Head Protection System (NG IHPS) and second
generation Advanced Combat Helmet (ACH GEN II) orders from the US DOD and
accessory sales. We also saw the order book at Avon Protection double this
year (up 101.1%) with UK GSR MOD orders, US DOD M50 and accessory orders, FM54
order from Australia and demand from Germany and New Zealand for rebreathers.
In addition, we continue to see excellent visibility of orders from our
recurring and aftermarket revenue base.
The current geopolitical situation continues to support demand for both masks
and helmets. We are seeing evidence of higher numbers of on-the-ground
personnel, higher personal equipment specifications and a rise in perceived
threat levels including chemical, biological, radiological and nuclear (CBRN)
attacks, along with continued equipment modernisation programmes, all driving
budget requests within NATO countries. In the US first responder market, the
prevalence of both guns and drugs supports demand for ballistic helmets and
respiratory protection. We are also seeing West Coast police forces
re-capitalising in preparation for the FIFA World Cup and the Olympics.
Group revenue, at constant currency, grew 12.2% to $275.0m (FY23: $243.8m).
This was driven by a 48.9% increase in Team Wendy, partially offset by the
expected 7.2% decline in Avon Protection due to timing of filter orders from
the US DOD.
Adjusted operating profit increased by 53.4% at constant currency, resulting
in operating profit margin increasing to 11.5% vs 8.7% last year. Avon
Protection experienced a slight decline in operating margin to 18.3% (FY23:
18.7%) with the significant manufacturing efficiency improvements made within
the year, positive product sales mix and a more disciplined approach to
pricing offset by lower revenue. Team Wendy delivered an increase in operating
margin to 3.9%, reflecting improved operating leverage as the division grows,
which is pleasing to see ahead of the consolidation of our facilities in the
US in 2025.
Adjusted basic EPS increased by 80.2% at constant currency, reflecting the
growth in operating profit and a reduction in finance charges due to lower net
debt through the period. Adjusted earnings also benefited approximately 4
cents per share from a lower than forecast effective tax rate driven by
one-off items which are not expected to recur in 2025.
We delivered a year of very strong cash generation with cash flows from
operations of $63.7m (FY23: $3.4m), mainly due to improved receivables and an
increase in average working capital turns to 4.52x (FY23: 3.71x). We ended the
year with a significant decrease in our bank leverage ratio to 0.91 times net
debt leverage (FY23: 1.94 times).
Return on invested capital increased to 13.7% (2023: 8.7%), reflecting higher
operating profit and the reduction in working capital.
OPERATIONAL SUMMARY - EXECUTING OUR STAR STRATEGY
Our STAR strategy was launched in 2023 and set out the strategic priorities
required to achieve our medium-term goals of at least 5% revenue CAGR,
adjusted operating profit margins of 14-16%, ROIC of more than 17% and cash
conversion of 80-100%. As a result of progress made during the year, we now
see the potential to reach our operating margin and ROIC target ranges a year
early, in 2026. We are increasingly confident in the benefits and payback of
our transformation and continuous improvement programmes.
As a reminder, our STAR Strategy comprises four focus areas:
1. STRENGTHEN THROUGH CONTINUOUS IMPROVEMENT to always deliver quality
products on time while using capital efficiently and improving productivity.
2. TRANSFORM the cost base to increase margins through a programmatic
approach to transformation
3. ADVANCE organically by growing the core and scaling up emerging
opportunities
4. REVOLUTIONISE by developing the next generation of products to drive
long-term growth
1. Strengthen through Continuous Improvement
Now we've fixed the foundations of the business, we're evolving our
'Strengthen' pillar to become 'Strengthen through Continuous Improvement',
reflecting the value we see in continuous improvement and a desire to see it
as a central part of our strategy.
We believe that CI will:
· increase employee happiness and motivation;
· free up cash to invest into the business, funding our transformation
programmes and R&D;
· improve productivity, which generates wealth; and
· help grow the business by enabling us to reliably deliver quality
products with short lead times.
How are we doing it?
On the shopfloor we aim to dramatically improve our production processes to:
· achieve one piece flow;
· make product to customer demand ("takt time");
· connect our customers to the shop floor through a pull system; and
· establish standard work to remove waste from the processes and
sustain gains.
Off the shopfloor we aim to:
· remove waste in the product development process; and
· identify waste in the office-based processes and remove it through
Kaizen.
Progress so far:
All our sites have a long history of batch manufacturing and our previous
structure on our manufacturing floors was based around equipment type. We
needed to break up these functional silos and move to a structure based around
value-adding activities. We have now changed most of our DOD helmet lines,
commercial helmet lines and mask manufacturing lines from traditional batch
manufacturing to flow, improving inventory turns, quality, lead times and
productivity.
We have reorganised every major factory into value streams and every line now
has visible metrics showing progress by the hour to reduce inefficiencies, cut
down on waste and ensure each step adds value. We now also have digital data
on our most important lines showing productivity, scrap and rework real time.
We have recently developed a new process called the "Plant Preparation
Process" that we are using to transform three of our facilities. This process
creates the plan for the whole plant, which is then implemented through
Kaizen. We carried out over 350 Kaizen activities last year. By involving
everyone from operators to senior leaders, we're making sure these
improvements are sustainable and benefit the entire operation.
Operational KPIs improving:
· Safety - Making our workplace a safer place to work, measured as
our lost time incident rate
· Quality - Reducing scrap and rework and further improving
customer confidence
· Delivery - Radically reducing lead times and improving on-time
delivery
· Inventory - Growing while freeing up significant cash from
inventory
· Productivity - Reducing costs and increasing capacity for
further growth by improving efficiency
We set targets of a 25% productivity increase, a 60% scrap reduction and
inventory turns of more than 5 in the medium-term. We have made such good
progress that we have stretched our productivity and scrap targets from where
they were at the Capital Markets Day in February 2024 to a 35% productivity
increase and a >60% scrap reduction.
Versus FY23, at a Group level:
· productivity has improved by 21%;
· scrap has reduced by 54%; and
· inventory turns have improved by 7%.
This is pleasing progress but we still have a significant number of
improvement projects in the pipeline, including training the new employees
hired in Cleveland ahead of full rate production and solving some
material-related scrap issues in the first batch of ACH made in Cleveland,
which will significantly reduce scrap rates at that facility.
The improvement in inventory turns has freed up $19m of cash since the middle
of 2023. We now believe that this inventory release will largely generate
enough cash to pay for the transformation project's total operational
expenditure.
2. Transform
Our transformation projects remain focused on reducing costs to improve
margins and free up resources to invest into growth. Our existing
transformation programmes remain on track with a total investment in FY24 of
$13.0m (FY23: $2.9m) and $1.7m of capital expenditure.
Workstream Goals Progress in 2024
Footprint optimisation 50% improvement in revenue/sq ft Our largest transformation project is the consolidation of our helmet
manufacturing sites which includes:
10ppts improvement in Team Wendy gross margin
· moving IHPS moulding to Salem and IHPS finishing to Cleveland and
closing Irvine, while also improving immature processes in parallel;
· increasing production of ACH from 0 to a run rate of over 60,000
helmets a year;
· stabilising and shortening lead times on the commercial helmets,
particularly EPIC and EXFIL; and
· moving both Salem and Cleveland from batch to flow and from end of
line testing to in line testing, significantly reducing WIP and improving
productivity at the same time.
This project remains on track and we are making good progress in obtaining
approval from the US DOD to finish the IHPS helmet and make the ACH GEN II in
Cleveland. We still expect to close the plant by the middle of the 2025
calendar year and we expect to start seeing the financial benefit of this
programme in FY26.
With a goal to improve productivity and reduce inventory and footprint, our
UK site has also started a transformation to move from batch to flow
manufacturing which is progressing rapidly. Since the beginning of 2024 we
have already reduced our footprint by over 25% through Kaizen activities which
have started to flow each production line.
Operational excellence (plant transformations) 35% productivity improvement We are now part way through major plant transformations at three factories:
Cleveland, Salem and our UK site.
>60% scrap improvement
All our manufacturing sites have moved to a value stream model, where Value
Inventory turns >5 Stream Managers are responsible for product families and delivering against
our operational targets. We have now appointed the Value Stream Managers and
are embedding the new structure and culture.
We have moved all our DOD helmet lines, commercial helmet lines and mask
manufacturing from traditional batch manufacturing to flow, improving
inventory turns, quality, lead times and productivity. We have ambitious
plans to flow more lines this year, including our rebreather line and the new
MITR line.
We are also investing in new technology to make manufacturing more efficient
and improve quality and reliability in our Cleveland site. This includes
better moulding, tooling, kitting and painting equipment. This investment will
not only improve consistency but also support our strategic objective to
deliver the higher production output needed as we ramp up production in the
coming 12 months.
Functional excellence Roll-out of SBU functions Finance excellence - The restructure of this function is now complete,
generating savings of c.$1m p.a. We are also currently planning the removal of
SAP from our Salem plant, which could save over $1m a year.
HR excellence - New dedicated HR teams are now in place at SBU level and a
Global HR Director has been appointed to lead the restructure of this
function, set strategic direction and support our move to a continuous
improvement culture.
Programme management - Over 100 employees have now been trained on our newly
created programme management approach and process. We have appointed programme
leaders to drive our US footprint optimisation project, who will also lead
other programmes of significance including the new product introduction
process as the footprint optimisation project completes in FY26. We have,
however, won a lot of DOD Programs of Record and have two new helmets to
design and ramp up in Team Wendy, so will need even more to strengthen our
programme management capability.
Sales excellence - During 2025 we have more to do to strengthen both the
processes and organisation of our sales teams, although we have now
established an operating model for our North American commercial sales team
and international sales team.
Commercial optimisation Complete screening of product portfolio, identifying potential improvements We have reviewed the product portfolio and have addressed pricing
opportunities where appropriate. Work has begun to improve the pipeline
management with our US and International sales teams and understanding of how
we can partner with customers to better predict orders and delivery
expectations.
We have also standardised common bid and programme management processes and
rolled-out professional sales and negotiation training in Team Wendy, and are
focused on building out our sales team to focus more on delivering
international and new market growth in both SBUs.
We continue to strengthen our e-commerce platform. We have also taken a more
market-based approach to pricing, which contributed to the 370 basis point
improvement in gross margin year on year.
We have several additional opportunities currently in the appraisal and
planning stages of our transformation funnel and anticipate that FY25
transformation spend will be at similar levels to FY24. Transformation costs
are still expected to fall sharply in 2026 as the programmes end. The expected
payback on our portfolio of projects and progress achieved to date means that
we have the potential to realise our medium-term operating margin and ROIC
goals a year earlier than originally expected.
3. Advance
Our Advance pillar is about delivering innovative products in the short and
medium term, driving increased sales, orders and pipeline.
Avon Protection
We have strong demand for masks from NATO countries and excellent demand for
both rebreathers and supplied air products.
During the year we won several strategic contracts within Avon Protection:
· UK MOD - £38m four-year contract for General Service Respirator;
· A seven-year Swedish police C50 contract;
· One-year extension to the M53A1 US DOD contract
· A five-year DRSKO contract for Self-Contained Breathing Apparatus;
· FM54 contract win with Australian Defence Force; and
· Rebreather contracts in Germany and New Zealand.
We saw winning the GSR contract as important to defending our commanding
position as the respirator provider of choice across NATO and the Five Eyes,
so we were pleased to win this long-term contract with the MOD.
Our position as the market leader in CBRN protection was further strengthened
by winning the contract to supply the Australian Defence Force. This is a
three-year deployment contract with follow-on replenishment. We now supply
the Australian military with both masks and helmets and see this win against a
long-established incumbent as cementing our position as the mask supplier of
choice to the Five Eyes.
As mentioned at the half-year, demand for masks from the DOD has picked up
slightly. We have strengthened our relationship with our DOD programme office
during the year and continue to work on improving forecast demand.
Our rebreather continues to be the system of choice across NATO. We have
further rebreather opportunities in the pipeline and remain of the view that
we have a technological advantage over our competitors which improves diver
safety and mission effectiveness. The US Navy cancelled its procurement for
rebreathers but we have good current demand and still see considerable
opportunity with both US Special Forces and the US Navy. We are working with
both and believe we are well positioned for any future prospects.
We are planning to launch the MITR-M1 Half Mask this financial year with a
groundbreaking goggle set and adaptable helmet integration clips to be
released by the end of 2025. We are also starting to get some traction in
chemically resistant suits and earlier this year we introduced the EXOSKIN-S1
suit, offering advanced protection against chemical warfare agents for up to
24 hours. We have made our first sales of EXOSKIN; whilst modest, they
demonstrate the customer need for the integrated CBRN protection packages that
we can now offer.
Team Wendy
During the year we announced two DOD orders for the ACH GEN II of $19.5m and
$14.2m and orders for NG IHPS totalling $42m. We have now successfully
delivered seven lots of ACH GEN II to the DOD and continue at run rate on our
NG IHPS with no lot failures. Our focus now is on meeting ACH GEN II customer
demand for 2025 of over 50,000 helmets per year. We are also making good
progress on our discussions with the DOD to extend our NG IHPS programme into
sustainment post-2028 and an extension has been indicated for the ACH GEN II
helmet programme.
We have continued our strong partnership with the US Navy supplying our EXFIL
LTP bump helmets to US Naval Air Systems Command with a $6.7m order this year.
Our EPIC helmet, ideal for first responders, has also been popular with US
police forces, but sales in 2024 were hindered by long lead times caused by
raw material shortages. We are making progress with our suppliers to solve
this issue.
In pads, we had good success with the DOD, which has chosen our Cloudline pad
system as an accessory to the NG IHPS helmet.
We plan to increase US commercial sales by offering faster lead times and
expanding our growing EPIC customer base, launch a new rifle rated helmet to
meet customers' needs in the US commercial and international markets, refresh
our EXFIL range and develop a new bump helmet.
4. Revolutionise
Revolutionise is about driving long term growth by using our powerful customer
relationships to increase co-funding and develop innovative products for the
future. We are continuing to invest in long-term research and development
(R&D) with $11.4m invested in R&D (FY2023: $10.2m).
We made further progress on several DOD development programmes and are
expanding our portfolio of co-funded new product programmes, these include:
· three new DOD development programmes for a new Hood Mask Interface
programme;
· DOD funded programmes to deliver next generation filters that enhance
user protection;
· development of a new diving mask with funding from DSTL;
· expansion of helmet performance capabilities and pad systems while
minimising weight and maximising protection; and
· integration of head and respiratory protection, which we are
currently seeking funding for.
Risks and opportunities
We aim to reduce our risks through excellent programme management and improved
people capability but the current main risks, as we see them, are:
1. The ramp-up of the IHPS programme and the ramp-up of ACH and EPIC
following the closure of Irvine will be challenging. We will need to work
hard to control scrap and rework and to ensure we have the raw materials we
need.
2. Recruiting and retaining good operators remains a challenge, though we
are making progress here.
3. We do not currently have an order for filters from the DOD. We remain
hopeful that this will come, but for now DOD filter demand is very low.
4. We have recently seen increases in US healthcare costs and Employer
National Insurance contributions in the UK. These are real costs for us and
will impact margins if we cannot offset them through our CI initiatives.
There are, however, several additional opportunities which are not currently
factored into our medium-term strategic plan, which include:
1. accelerated international growth, particularly in commercial markets;
2. increased DOD demand in both SBUs; and
3. additional unplanned cost reductions and operational efficiencies
through continuous improvement.
Summary and outlook
We have made excellent progress creating a high-quality growing business and
this year demonstrated:
· We have developed a recipe for success that is driving growth,
margin, cash generation and ROIC.
· Our transformation programme remains on schedule, and the progress
made to date can already be seen in our strategic and financial KPIs.
· We have a record closing order book which gives us excellent
visibility.
· We have a stable recurring revenue base, which will grow further as
we deploy rebreathers, masks into Australia and helmets into the US police and
SWAT teams.
· Our leading technology and long-term contracts provide us with a
strong competitive moat which we continue to believe will support strong
margins and returns on capital.
We therefore remain confident that Avon is well positioned to deliver
exceptional shareholder value:
· Our focus on CI is already delivering results, with the total cash
costs of transformation operational expenditure now expected to be covered
through lower working capital.
· Further transformation activities are in the planning and execution
stage, driving acceleration of operational and financial returns.
We expect continued growth in FY25, alongside consistent returns as we
implement the key actions in footprint and manufacturing optimisation
programmes.
These factors give us increased confidence and we now see the potential to
reach our medium-term operating profit margin and ROIC targets in 2026, a year
earlier than expected. These would be delivered against a backdrop of revenue
growth exceeding 5% per annum and continued strong cash generation.
FINANCIAL REVIEW
It has been a strong year for us with order intake up more than 40% compared
to 2023, and a record closing order book of $225.2m, an increase of over 64%.
Revenue increased by 12.2% on a constant currency basis to $275.0m (2023:
$243.8m) with a full-year run-rate of NG IHPS helmets and initial deliveries
against the ACH GEN II contract. Adjusted operating profit increased by 53.4%
on a constant currency basis to $31.6m (2023: $21.2m), with the operational
gearing effects of increased revenue within Team Wendy more than offsetting a
small decline in Avon Protection. Adjusted operating profit margin improved to
11.5% (2023: 8.7%).
30 September 2024 30 September Change Change (constant currency)(4)
2023
Continuing operations(1)
Orders received $364.4m $258.7m 40.9% 40.1%
Closing order book $225.2m $135.8m 65.8% 64.3%
Revenue $275.0m $243.8m 12.8% 12.2%
Adjusted(2) operating profit $31.6m $21.2m 49.1% 53.4%
Adjusted(2) operating profit margin 11.5% 8.7% 280bps 310bps
Adjusted(2) net finance costs $(6.3)m $(7.2)m (12.5%) (12.5%)
Adjusted(2) profit before tax $25.3m $14.0m 80.7% 88.8%
Adjusted(2) taxation $(4.4)m $(1.9)m
Adjusted(2) profit after tax $20.9m $12.1m
Adjusted(2) basic earnings per share 69.9c 40.3c 73.4% 80.2%
Total dividend per share 23.3c 29.6c 21.3%
Net debt excluding lease liabilities $43.5m $64.5m (32.6%)
Cash conversion 157.8% 7.0%
Return on invested capital(2) 13.7% 8.7%
Statutory results
Operating profit/(loss) from continuing operations(3) $10.7m $(12.6)m
Net finance costs $(8.4)m $(7.6)m
Profit/(loss) before tax from continuing operations $2.3m $(20.2)m
Taxation $0.7m $3.8m
Profit/(loss) after tax from continuing operations $3.0m $(16.4)m
Profit from discontinued operations(1) - $2.0m
Profit/(loss) for the period $3.0m $(14.4)m
Basic profit/(loss) per share 10.0c (48.0c)
Net debt $65.4m $85.4m
1 At 30 September 2023 Armour operations were fully closed. Armour was
therefore classified as a discontinued operation in the prior period.
2 The Directors believe that adjusted measures provide a useful comparison of
business trends and performance. Adjusted results exclude exceptional items
and discontinued operations. The term adjusted is not defined under IFRS and
may not be comparable with similarly titled measures used by other companies.
3 Reported operating profit includes $6.2m amortisation of acquired
intangibles, transformational costs of $13.0m, and a $1.7m impairment of
non-current assets. See the Adjusted Performance Measures section for a full
breakdown of adjustments and comparatives.
4 Constant currency measures are provided in the Adjusted Performance Measures
section.
Order intake for the Group of $364.4m (2023: $258.7m) was up 40.9% (40.1%
constant currency), with strong growth in both businesses. Avon Protection
order intake was up 37.3% with strong wins for our underwater rebreather, an
increase in international orders, and higher US DOD orders following a weak
prior year comparator. Team Wendy order intake was up 44.6%, with continued
orders under our two primary US DOD contracts including $42m of NG IHPS orders
and $34m against the ACH GEN II contract, combined with strong order intake
for the associated pad systems.
The closing order book of $225.2m reflects an increase of 65.8% (64.3%
constant currency) over the prior year. Team Wendy closed the year with
$153.2m in the order book, an increase of 53.2%, which includes $58m of orders
for NG IHPS and $58m for ACH GEN II. The Avon Protection closing order book of
$72.0m reflects an increase of 101.1%, including $15m of rebreather orders.
Revenue for the Group totalled $275.0m, an increase of 12.8% (12.2% constant
currency) compared to the prior year of $243.8m.
Avon Protection revenue totalled $145.6m, a decline of 7.2% compared to
$156.9m in 2023. Sales to the US DOD saw a decline of 41.0%, predominantly
driven by two years' worth of M61 filter demand being delivered in 2023. This
was paired with a reduction in accessories and powered air revenue, partially
offset with an increase in mask sales. Commercial Americas revenue grew by
34.1%, with an increase in mask and supplied air sales, whilst UK &
International revenue increased by 9.8%, primarily from growth in sales of our
rebreathers and CBRN boots and gloves.
Team Wendy revenue totalled $129.4m, an increase of 48.9% over the prior year
of $86.9m. US DOD revenue grew by 95.5%, with a full run-rate of NG IHPS
deliveries from the start of the year, and the commencement of deliveries
under the ACH GEN II contract. Commercial Americas revenue grew by 11.9% with
strong sales of the EPIC helmet range, which was partially offset by a 7.5%
decline in UK & International revenue.
Adjusted operating profit was $31.6m (2023: $21.2m). Revenue growth
contributed $6.3m additional adjusted operating profit in the year, with a
$10.9m improvement in Team Wendy partially offset by a $4.6m reduction in Avon
Protection reflecting the 7.2% decline in revenue. Operational gearing within
Team Wendy resulted in a further $6.4m improvement, while scrap was $4.1m
lower as maturity of Next Generation IHPS production progressed. The
right-sizing activities within Avon Protection at the beginning of the year
resulted in a further $4.9m improvement. These were then partially offset by
increased discretionary compensation payments of $7.0m following achievement
of financial and operational targets at a group and SBU level, and lower
capitalised R&D represented a further headwind of $3.9m. The overall
increase in profitability resulted in an adjusted operating profit margin of
11.5% (2023: 8.7%), up 280bps (310bps constant currency).
Statutory operating profit from continuing operations of $10.7m (2023: loss of
$12.6m) reflected exceptional items in the period which are summarised below.
The Adjusted Performance Measures section contains a full breakdown and
explanation of adjustments.
Statutory operating profit/(loss) FY24 FY23
$m $m
10.7 (12.6)
Amortisation of acquired intangibles 6.2 6.3
Impairment of goodwill and other non-current assets 1.7 24.6
Transformational, restructuring and transition costs 10.8 2.9
Acceleration of depreciation and amortisation - transformational 2.2 -
Adjusted operating profit 31.6 21.2
Adjusted net finance costs decreased to $6.3m (2023: $7.2m) mainly due to
lower average net debt through the period.
After an adjusted tax charge of $4.4m (2023: $1.9m), the Group recorded an
adjusted profit for the period after tax of $20.9m (2023: $12.1m).
Adjusted basic earnings per share increased to 69.9c (2023: 40.3c), reflecting
the growth in operating profit and a reduction in finance charges due to lower
net debt through the period. Adjusted earnings also benefited from a lower
than forecast effective tax rate driven by one-off items which are not
expected to recur in 2025. These one-off tax items increased adjusted basic
earnings per share by approximately 4 cents per share.
Return on invested capital increased to 13.7% (2023: 8.7%), reflecting higher
adjusted operating profit and lower invested capital.
Statutory net finance costs of $8.4m (2023: $7.6m) include $2.1m (2023: $0.4m)
net interest expense on the UK defined benefit pension scheme liability.
Statutory profit before tax from continuing operations was $2.3m (2023: loss
of $20.2m) and, after a tax credit of $0.7m (2023: credit of $3.8m), the
profit for the period from continuing operations was $3.0m (2023: loss of
$16.4m).
Transformation costs
FY24
$m
Footprint optimisation (1) 10.4
Operational excellence 1.3
Commercial optimisation 0.0
Functional excellence 1.0
Programme management excellence 0.3
Total transformation costs 13.0
(1) Including $2.2m for acceleration of depreciation and amortisation charges
related to legacy ERP systems and assets held in Irvine, California.
Spend within our transformation initiatives has been ahead of our originally
communicated expectations, with an acceleration of investment relating to
footprint optimisation following the site consolidation plans announced
earlier in the year. Estimates for total investment related to the projects
identified last year remain unchanged, and as a result we expect
transformation costs in FY25 to be at a similar level to FY24.
Segmental performance
FY24 FY23
Avon Protection Team Wendy Total Avon Protection Team Wendy
$m Total
Orders received 181.8 182.6 364.4 132.4 126.3 258.7
Closing order book 72.0 153.2 225.2 35.8 100.0 135.8
Revenue 145.6 129.4 275.0 156.9 86.9 243.8
Adjusted operating profit 26.6 5.0 31.6 29.3 (8.1) 21.2
Adjusted operating profit margin 18.3% 3.9% 11.5% 18.7% (9.3%) 8.7%
A 7.2% decline in revenue within the Avon Protection business resulted in a
reduction in operating profit to $26.6m (2023: $29.3m), although margin
decline was limited to only 40bps to 18.3% (2023: 18.7%) reflecting
significant cost reduction activities undertaken at the start of the year.
Team Wendy profitability moved meaningfully forward this year, turning
positive for the first time with an operating profit margin of 3.9%, compared
to a loss of 9.3% in FY23. This was largely driven by the near 50% increase in
revenue, and we are also starting to see the early benefits of our continuous
improvement and operational efficiency initiatives. We continue to expect
margins in the Team Wendy business to reach the target levels we have set,
much of the improvement for which will come from the consolidation of our
Irvine, California, facility into our other Team Wendy sites, which was
announced earlier in the year.
Research and development expenditure
Total investment in research and development (capitalised and expensed) was
$11.4m (2023: $10.2m), in line with the prior period as a percentage of
revenue. Excluding amortisation and impairment, we have seen an increase in
costs expensed to the P&L and lower levels of capitalisation following
completion of NG IHPS and ACH GEN II helmet development.
FY24 FY23
$m $m
Total expenditure 11.4 10.2
Less customer funded (1.6) (1.2)
Group expenditure 9.8 9.0
Capitalised - (3.1)
Income statement impact 9.8 5.9
Amortisation and impairment of development expenditure 4.3 4.3
Total income statement impact 14.1 10.2
Revenue 275.0 243.8
R&D spend as a % of revenue 4.1% 4.2%
Avon Protection expenditure has primarily focused on completing the
development of the Modular Integrated Tactical Respirator (MITR), whilst Team
Wendy expenditure has been focused on development of RifleTech, a new
ballistic helmet model. Spend on these projects has been expensed following
assessment of technical progress and evidence for commercial viability.
Net debt and cash flow
FY24 FY23
$m $m
Adjusted continuing EBITDA 43.4 35.7
Share-based payments and defined benefit pension scheme costs 4.4 1.7
Working capital 20.7 (34.9)
Cash flows from continuing operations before exceptional items 68.5 2.5
Transformational, restructuring and transition costs paid (9.7) (2.3)
Cash flows from continuing operations 58.8 0.2
Cash flows from discontinued operations 4.9 3.2
Cash flow from operations 63.7 3.4
Payments to pension plan (9.1) -
Net finance costs (6.7) (6.6)
Net repayment of leases (3.3) (3.0)
Tax (paid)/received (0.7) 3.7
Capital expenditure (11.2) (11.0)
Discontinued operation disposals, investing and financing cash flows - 6.6
Purchase of own shares - Long Term Incentive Plan (5.0) -
Dividends to shareholders (6.8) (13.4)
Foreign exchange on cash 0.1 -
Change in net debt 21.0 (20.3)
Opening net debt, excluding lease liabilities (64.5) (44.2)
Closing net debt, excluding lease liabilities (43.5) (64.5)
Cash flows from continuing operations before exceptional items were $68.5m
(2023: $2.5m) with the movement principally due to working capital inflows of
$20.7m, compared to outflows of $34.9m in the prior year. Working capital
inflows were driven by a $17.2m decrease in receivables due to sales phasing
(2023: $26.2m increase in receivables).
Dividends were $6.8m (2023: $13.4m), with the change reflecting the rebased
level of distribution under our capital allocation policy. Our first
priorities remain organic investment into R&D and transformation followed
by a progressive dividend targeting between 2.5x and 3x EPS cover through the
cycle. We have amended our policy this year in light of the significant
reduction in net debt in FY24, such that excess cash will be deployed in an
EPS enhancing way, either through M&A or alternative shareholder returns.
The purchase of own shares to satisfy future exercises of options granted to
employees under the Long Term Incentive Plan was $5.0m (2023: $nil), hedging
potential cash costs.
Net debt was $65.4m (2023: $85.4m), which includes lease liabilities of $21.9m
(2023: $20.9m). Excluding lease liabilities, net debt was $43.5m (2023:
$64.5m).
Defined benefit pension scheme
The Group operated a contributory defined benefits plan to provide pension and
death benefits for the employees of Avon Technologies plc and its Group
undertakings in the UK employed prior to 31 January 2003. The plan was closed
to future accrual of benefit on 1 October 2009 and has a weighted average
maturity of approximately eleven years. The net pension liability for the
scheme amounted to $17.2m as at 30 September 2024 (2023: $40.2m). The decrease
was mainly due to deficit contributions of $9.1m, and a $13.4m favourable
actuarial gain reflecting a change in accounting estimate to the use of
detailed member-by-member calculations. The gain is included within 2024
actuarial experience adjustments.
In accordance with the deficit recovery plan agreed following the 31 March
2022 actuarial valuation, the Group will make payments in FY25 of £4.3m, FY26
of £4.7m and FY27 of £5.1m in respect of deficit recovery and scheme
expenses.
Foreign exchange risk management
The Group is exposed to translational foreign exchange risk arising when the
results of sterling denominated companies are consolidated into the Group's
presentational currency, US dollars. The Group's policy is not to hedge
translational foreign exchange risk. Due to the translational effect, a 1 cent
increase in the value of the US dollar against sterling would have decreased
revenue by approximately $0.2m and increased operating profit by approximately
$0.2m for FY24.
Financing and interest rate risk management
On 14 May 2024, the Group signed a new $137m RCF, together with a $50m
accordion replacing the previous facility. The new RCF was agreed with a
syndicate of four lenders and is available until May 2027, with two further
one-year extension options taking it out to May 2029.
RCF borrowings are floating rate priced using the US Secured Overnight
Financing Rate (SOFR). The Group hedges interest rate exposure using swaps to
fix a portion of SOFR floating rate interest. The notional value of active
interest rate swaps at 30 September 2024 was $30.0m (2023: $30.0m), expiring
on 8 September 2025. The Group also has additional interest rate swaps in
place with a notional value of $20.0m starting on 8 September 2025 and
expiring on 8 September 2026 (2023: $20.0m). The net financial value of
interest rate swaps at 30 September 2024 was $nil (FY23: $0.9m).
Dividends
The Board has proposed a final dividend of 16.1 cents per share (2023: 15.3c).
The final dividend will be paid in pounds sterling on 7 March 2025 to
shareholders on the register at 7 February 2025. The final dividend will be
converted into pounds sterling for payment at the prevailing exchange rate
which will be announced prior to payment.
2025 Financial Guidance
We expect continued growth in FY25, alongside consistent returns as we
implement the key actions in footprint and manufacturing optimisation
programmes, albeit with a cost headwind due to increase US healthcare costs
and Employers National Insurance contributions in the UK.
As previously communicated, FY25 will be a year of transition, as we complete
the execution of the facility moves within Team Wendy, and the manufacturing
optimisation programme within Avon Protection. As such, we expect:
· mid-single-digit revenue growth;
o full-year run rate of ACH driving Team Wendy growth;
o return to modest growth in Avon Protection;
· operating profit margin broadly flat year-on-year;
· transformation costs in line with FY24 (we continue to expect a sharp
drop in FY26 as large programmes are mostly completed in FY25); and
· cash conversion of over 80%, before exceptional cash costs.
Jos Sclater Rich Cashin
Chief Financial Officer
Chief Executive Officer
19 November 2024
19 November 2024
Forward-looking statements
Certain statements in this report are forward‐looking. Although the Group
believes that the expectations reflected in these forward‐looking statements
are reasonable, we can give no assurance that these expectations will prove to
have been correct. Because these statements involve risks and uncertainties,
actual results may differ materially from those expressed or implied by these
forward‐looking statements.
We undertake no obligation to update any forward‐looking statements whether
as a result of new information, future events or otherwise.
Company website
The full annual report will be made available on 10 December 2024 on the
Company's website https://www.avon-technologiesplc.com/. The maintenance and
integrity of the website is the responsibility of the Directors. Legislation
in the United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Performance measurement
The Directors assess the operating performance of the Group based on both
statutory and adjusted measures. Adjusted measures include operating profit,
net finance costs, taxation and earnings per share, as well as other measures
not defined under IFRS including orders received, closing order book,
operating profit margin, return on invested capital, cash conversion, net
debt excluding lease liabilities, average working capital turns, scrap levels,
inventory turns, productivity and constant currency equivalents for relevant
metrics. These measures are collectively described as Adjusted Performance
Measures (APMs) in this Annual Report.
The Directors believe that the APMs provide a useful comparison of business
trends and performance. The APMs exclude exceptional items considered
unrelated to the underlying trading performance of the Group. The term
adjusted is not defined under IFRS and may not be comparable with similarly
titled measures used by other companies. The Group uses these measures for
planning, budgeting and reporting purposes and for its internal assessment of
the operational performance.
Adjusted Performance Measures
Year ended 30 September 2024 52 weeks ended 30 September 2023
Adjusted Adjustments Total Adjusted Adjustments Total
$m $m $m $m $m $m
Continuing operations
Revenue 275.0 - 275.0 243.8 - 243.8
Cost of sales (168.2) (1.0) (169.2) (157.9) - (157.9)
Gross profit 106.8 (1.0) 105.8 85.9 - 85.9
Sales and marketing expenses (16.1) - (16.1) (14.9) - (14.9)
Research and development costs (11.5) (2.6) (14.1) (10.0) (0.2) (10.2)
General and administrative expenses (47.6) (17.3) (64.9) (39.8) (33.6) (73.4)
Operating profit/(loss) 31.6 (20.9) 10.7 21.2 (33.8) (12.6)
EBITDA 43.4 (10.8) 32.6 35.7 (2.9) 32.8
Depreciation, amortisation and impairment (11.8) (10.1) (21.9) (14.5) (30.9) (45.4)
Operating profit/(loss) (1) 31.6 (20.9) 10.7 21.2 (33.8) (12.6)
Net finance costs (2) (6.3) (2.1) (8.4) (7.2) (0.4) (7.6)
Profit/(loss) before taxation 25.3 (23.0) 2.3 14.0 (34.2) (20.2)
Taxation (3) (4.4) 5.1 0.7 (1.9) 5.7 3.8
Profit/(loss) for the period from continuing operations 20.9 (17.9) 3.0 12.1 (28.5) (16.4)
Discontinued operations - profit from discontinued operations (4) - - - - 2.0 2.0
Profit/(loss) for the period (5) 20.9 (17.9) 3.0 12.1 (26.5) (14.4)
Basic earnings/(loss) per share 69.9c (59.9c) 10.0c 40.3c (88.3)c (48.0)c
Diluted earnings/(loss) per share 67.6c (57.9c) 9.7c 40.3c (88.3)c (48.0)c
1 Adjustments to operating profit
Adjusted operating profit excludes discontinued operations and exceptional
items considered unrelated to the underlying trading performance of the Group.
Transactions are classified as exceptional where they relate to an event that
falls outside of the underlying trading activities of the business and where
individually, or in aggregate, the Directors consider they have a material
impact on the financial statements.
2024 2023
$m $m
Operating profit/(loss) 10.7 (12.6)
Amortisation of acquired intangibles 6.2 6.3
Impairment of other non-current assets (excluding restructuring-related 1.7 0.5
impairments)
Transformational, restructuring and transition costs 10.8 2.9
Acceleration of software amortisation - transformational 1.6 -
Acceleration of Irvine depreciation and amortisation - transformational 0.6 -
Impairment of goodwill - 23.4
Restructuring-related impairment of non-current assets - 0.7
Adjusted operating profit 31.6 21.2
Depreciation 7.4 9.2
Other amortisation charges 4.4 5.3
Adjusted EBITDA 43.4 35.7
Amortisation of acquired intangibles
Amortisation charges for acquired intangible assets of $6.2m (2023: $6.3m) are
considered exceptional as they do not change each period based on underlying
business trading and performance.
Impairment of other non-current assets
Review of the Group's non-current assets resulted in a $1.7m exceptional
impairment loss (2023: $0.5m) as the carrying value of a product group level
CGU exceeded its estimated recoverable amount. Further details are provided in
note 3.1. The impairment losses are significant items resulting from changes
in assumptions for future recoverable amounts. As such they are considered
unrelated to trading performance.
Transformational, restructuring and transition costs
Current year transformational costs excluding depreciation and amortisation
charges were $10.8m. These include $7.4m related to planned footprint
optimisation through closure of the Irvine, California, facility, and $3.4m
related to other transformational programmes. Transformational spend relates
to costs directly related to transformation initiatives and will be incurred
until these programmes are completed. FY25 spend on transformational costs
of this nature is expected to be at similar levels to FY24.
Transformational accelerated depreciation and amortisation charges were $2.2m.
These include $1.6m related to one of the Group's legacy ERP systems, and
$0.6m for assets held in Irvine that are not expected to transfer to Cleveland
on closure. This acceleration of charges is considered a change in
accounting estimate during the year.
Prior period costs were $2.9m. These include $1.4m restructuring costs related
to the right-sizing of operations and $1.5m transition costs related to the
transfer of legacy Team Wendy operations onto a Group controlled ERP system.
These costs are considered exceptional as they relate to specific activities
which do not form part of the underlying business trading and performance.
Impairment of goodwill
In the prior period, review of the Team Wendy CGU resulted in impairment to
goodwill of $23.4m as the carrying value of the CGU exceeded its estimated
recoverable amount. The impairment was a significant item based on forecast
assumptions for future cash flows. As such it was considered unrelated to
trading performance.
Restructuring-related impairment of non-current assets
In the prior period restructuring-related impairment of non-current assets was
$0.7m. This related to the closure of one of our US offices, with a $0.5m
impairment to right of use assets and $0.2m impairment to plant and machinery.
These costs are considered exceptional as they relate to a specific office
closure which does not form part of the underlying business trading
and performance.
2 Adjustments to net finance costs
Adjusted net finance costs exclude exceptional items considered unrelated to
the underlying trading performance of the Group.
2024 2023
$m $m
Net finance costs 8.4 7.6
Defined benefit pension unwind discount (2.1) (0.4)
Adjusted net finance costs 6.3 7.2
$2.1m (2023: $0.4m) unwind of discounting on the UK defined benefit pension
scheme liability is treated as exceptional given the scheme relates to
employees employed prior to 31 January 2003 and was closed to future accrual
of benefits on 1 October 2009.
3 Adjustments to taxation
Adjustments to taxation represent the tax effects of the adjustments to
operating profit and net finance costs. Except for the impairment to goodwill,
adjusting items do not have significantly different effective tax rates
compared to statutory rates, with an overall effective rate of 22% (2023:
17%).
In the prior period the $23.4m impairment to goodwill resulted in a tax credit
of $3.4m (effective tax rate 14.5%), which explains the lower overall rate
compared to statutory rates on the total level of adjustments.
4 Profit from discontinued operations
Adjusted profit measures for the prior period exclude the result from
discontinued operations relating to the divestment of milkrite | InterPuls and
closure of the Armour business. Discontinued operations related to milkrite |
InterPuls ended on 30 September 2023. Total profit after tax from discontinued
operations was $2.0m in 2023.
5 Adjustments to profit/loss
2024 2023
$m $m
Profit/(loss) for the period 3.0 (14.4)
Amortisation of acquired intangibles 6.2 6.3
Transformational, restructuring and transition costs 10.8 2.9
Restructuring-related impairment of non-current assets - 0.7
Acceleration of software amortisation - transformational 1.6 -
Acceleration of Irvine depreciation and amortisation - transformational 0.6 -
Impairment of other non-current assets (excluding restructuring-related 1.7 0.5
impairments)
Impairment of goodwill - 23.4
Defined benefit pension unwind discount 2.1 0.4
Tax on exceptional items (5.1) (5.7)
Profit from discontinued operations - (2.0)
Adjusted profit for the period 20.9 12.1
6 Adjusted earnings per share
Weighted average number of shares 2024 2023
Weighted average number of ordinary shares in issue used in basic calculation 29,895 29,996
(thousands)
Potentially dilutive shares (weighted average) (thousands) 1,022 263
Diluted number of ordinary shares (weighted average) (thousands) 30,917 30,259
Adjusted continuing earnings per share 2024 2023
$ cents $ cents
Basic 69.9c 40.3c
Diluted 67.6c 40.3c
7 Net debt
2024 2023
$m $m
Cash and cash equivalents 14.0 13.2
Bank loans (57.5) (77.7)
Net debt excluding lease liabilities (43.5) (64.5)
Lease liabilities (21.9) (20.9)
Net debt including lease liabilities (65.4) (85.4)
8 Adjusted dividend cover ratio
2024 2023
$ cents $ cents
Interim dividend 7.2c 14.3c
Final dividend 16.1c 15.3c
Total dividend 23.3c 29.6c
Adjusted basic earnings per share 69.9c 40.3c
Adjusted dividend cover ratio 3.0 times 1.4 times
9 Return on invested capital
Return on invested capital (ROIC) is calculated as adjusted operating profit
over average invested capital relating to continuing operations.
2024 2023
$m $m
Net assets 166.5 159.4
Net assets associated with discontinued operations - (5.6)
Net assets associated with continuing operations 166.5 153.8
Net debt excluding lease liabilities 43.5 64.5
Lease liabilities 21.9 20.9
Pension 17.2 40.2
Derivatives - (0.9)
Net tax (31.4) (33.2)
Total invested capital 217.7 245.3
Average invested capital 231.5 243.4
Adjusted operating profit 31.6 21.2
ROIC 13.7% 8.7%
Average invested capital 2024 2023
$m $m
Current period invested capital 217.7 245.3
Prior period invested capital 245.3 241.5
Average invested capital 231.5 243.4
10 Average working capital turns (AWCT)
AWCT is the ratio of the 12-month average month end working capital (defined
as the total of inventory, receivables and payables excluding lease
liabilities) to revenue, based on continuing operations.
Continuing operations 2024 2023
$m $m
12-month average month end working capital 60.8 65.7
Revenue 275.0 243.8
AWCT 4.52 3.71
11 Cash conversion
Cash conversion excludes the impact of exceptional items from operating cash
flows and EBITDA.
2024 2023
$m $m
Cash flows from continuing operations 58.8 0.2
Restructuring and transition costs paid 9.7 2.3
Cash flows from continuing operations before exceptional items 68.5 2.5
2024 2023
$m $m
Cash flows from continuing operations before exceptional items 68.5 2.5
Adjusted EBITDA 43.4 35.7
Cash conversion 157.8% 7.0%
12 Constant currency reporting
Constant currency measures are calculated by translating the prior period at
current period exchange rates.
2023 2023
Constant Currency Reported
$m $m
Orders received 260.1 258.7
Closing order book 137.1 135.8
Revenue 245.1 243.8
Adjusted operating profit 20.6 21.2
Adjusted profit before tax 13.4 14.0
Adjusted basic earnings per share 38.8c 40.3c
13 Scrap (% of revenue)
Scrap (% of revenue) is calculated by dividing the total value of scrap
produced in the period by the revenue generated for the last 6 months.
Our mid-term targets are calculated by dividing the total value of scrap
produced in the year by the revenue generated for the 12 month period.
2024 H2 2024 H1 2023 H2 2023 H1
$m $m $m $m
Last 6 months of scrap 2.4 2.1 5.5 3.1
Last 6 months of revenue 147.9 127.1 142.2 101.6
Group scrap (% of revenue) 1.6% 1.7% 3.9% 3.1%
14 Inventory turns
Inventory turns measure how many times the inventory was turned over in the
period by dividing adjusted cost of sales over the last 12 months by the
inventory value.
2024 2023
$m $m
Inventory 54.9 54.4
Last 12 months adjusted cost of sales 168.2 157.9
Group inventory turns 3.1 2.9
15 Productivity
Productivity measures how much revenue was generated per direct employee by
dividing the revenue over the last 12 months by the total number of direct
heads. Direct heads are employees completing manufacturing activities.
2024 2023
Direct headcount 539 580
Last 12 months of revenue $275.0m $243.8m
Group productivity $510k $420k
2024 2023
Direct headcount 342 346
Last 12 months of revenue $129.4m $86.9m
Team Wendy productivity $378k $251k
2024 2023
Direct headcount 197 234
Last 12 months of revenue $145.6m $156.9m
Avon Protection productivity $739k $671k
Consolidated Statement of Comprehensive Income
For the year ended 30 September 2024
Continuing operations Note Year ended 52 weeks
30 September ended
2024 30 September
$m 2023
$m
Revenue 2 275.0 243.8
Cost of sales (169.2) (157.9)
Gross profit 105.8 85.9
Sales and marketing expenses (16.1) (14.9)
Research and development costs (14.1) (10.2)
General and administrative expenses (64.9) (73.4)
Operating profit/(loss) 2 10.7 (12.6)
Net finance costs 4.3 (8.4) (7.6)
Profit/(loss) before taxation 2.3 (20.2)
Taxation 0.7 3.8
Profit/(loss) for the period from continuing operations 3.0 (16.4)
Discontinued operations
Profit from discontinued operations - 2.0
Profit/(loss) for the period 3.0 (14.4)
Other comprehensive income/(expense)
Items that are not subsequently reclassified to the income statement
Remeasurement gain/(loss) recognised on retirement benefit scheme 19.6 (31.8)
Deferred tax relating to retirement benefit scheme (5.0) 6.9
Deferred tax relating to change in tax rates - 1.1
Deferred tax relating to other temporary differences 0.1 (0.2)
Items that may be subsequently reclassified to the income statement
Deferred tax exchange differences offset in reserves 1.1 0.8
Other exchange differences offset in reserves (2.9) (0.5)
Cash flow hedges (0.8) 0.4
Deferred tax relating to cash flow hedges 0.2 -
Other comprehensive income/(expense) for the period 12.3 (23.3)
Total comprehensive income/(expense) for the period 15.3 (37.7)
Earnings per share
Basic 10.0c (48.0c)
Diluted 9.7c (48.0c)
Earnings per share from continuing operations
Basic 10.0c (54.7c)
Diluted 9.7c (54.7c)
Consolidated Balance Sheet
At 30 September 2024
Note At 30 At 30
September 2024 September 2023
$m $m
Non-current assets
Intangible assets 3.1 126.4 139.2
Property, plant and equipment 3.2 43.7 35.8
Finance leases 5.4 6.2
Deferred tax assets 31.1 40.1
Derivative financial instruments - 0.6
206.6 221.9
Current assets
Inventories 54.9 54.4
Trade and other receivables 36.9 58.3
Derivative financial instruments 0.2 0.3
Current tax receivables 0.3 -
Cash and cash equivalents 14.0 13.2
106.3 126.2
Current liabilities
Borrowings 4.2 3.9 4.3
Current tax payables - 0.7
Trade and other payables 36.4 34.6
Provisions for liabilities and charges 6.6 0.4
46.9 40.0
Net current assets 59.4 86.2
Non-current liabilities
Borrowings 4.2 75.5 94.3
Derivative financial instruments 0.2 -
Deferred tax liabilities - 6.2
Retirement benefit obligations 17.2 40.2
Provisions for liabilities and charges 6.6 8.0
99.5 148.7
Net assets 166.5 159.4
Shareholders' equity
Ordinary shares 50.3 50.3
Share premium account 54.3 54.3
Other reserves (15.7) (13.9)
Cash flow hedging reserve - 0.8
Retained earnings 77.6 67.9
Total equity 166.5 159.4
Consolidated Cash Flow Statement
For the year ended 30 September 2024
Note Year ended 52 weeks
30 September ended
2024 30 September
$m 2023
$m
Cash flows from operating activities
Cash flows from continuing operations 4.1 58.8 0.2
Cash flows from discontinued operations 4.1 4.9 3.2
Cash flows from operations 4.1 63.7 3.4
Retirement benefit deficit recovery contributions (9.1) -
Tax (paid)/received (0.7) 3.7
Net cash flows from operating activities 53.9 7.1
Cash flows used in investing activities
Proceeds from disposal of discontinued operations - 7.9
Costs of disposal - (0.4)
Purchase of property, plant and equipment 3.2 (10.6) (7.4)
Capitalised development costs and purchased software 3.1 (0.6) (3.6)
Other finance income 4.3 0.7 0.4
Finance lease capital receipts 1.0 0.5
Net cash flows used in investing activities (9.5) (2.6)
Cash flows used in financing activities
Proceeds from loan drawdowns 100.5 48.0
Loan repayments (120.7) (24.0)
Finance costs paid in respect of bank loans and overdrafts (6.5) (6.3)
Finance costs paid in respect of leases (0.9) (0.7)
Repayment of lease liability (4.3) (3.5)
Dividends paid to shareholders 4.6 (6.8) (13.4)
Purchase of own shares - Long-Term Incentive Plan 4.5 (5.0) -
Financing cash flows used in discontinued operations - (0.9)
Net cash flows used in financing activities (43.7) (0.8)
Net increase in cash and cash equivalents 0.7 3.7
Cash and cash equivalents at the beginning of the period 13.2 9.5
Effects of exchange rate changes 0.1 -
Cash and cash equivalents at the end of the period 14.0 13.2
Consolidated Statement of Changes in Equity
For the year ended 30 September 2024
Note Share Share Hedging Other Retained Total
capital premium reserve reserves earnings equity
$m $m $m $m $m $m
At 1 October 2022 50.3 54.3 0.4 (14.2) 119.7 210.5
Loss for the period - - - - (14.4) (14.4)
Net exchange differences offset in reserves - - - 0.3 - 0.3
Deferred tax relating to other temporary differences - - - - (0.2) (0.2)
Remeasurement loss recognised on retirement benefit scheme - - - - (31.8) (31.8)
Deferred tax relating to retirement benefit scheme - - - - 6.9 6.9
Deferred tax relating to change in tax rates - - - - 1.1 1.1
Interest rate swaps - cash flow hedge - - 0.4 - - 0.4
Total comprehensive income for the period - - 0.4 0.3 (38.4) (37.7)
Dividends paid 4.6 - - - - (13.4) (13.4)
Fair value of share-based payments - - - - 0.7 0.7
Deferred tax relating to employee share schemes charged directly to equity - - - - (0.7) (0.7)
At 30 September 2023 50.3 54.3 0.8 (13.9) 67.9 159.4
Profit for the year - - - - 3.0 3.0
Net exchange differences offset in reserves - - - (1.8) - (1.8)
Deferred tax relating to other temporary differences - - - - 0.3 0.3
Remeasurement loss recognised on retirement benefit scheme - - - - 19.6 19.6
Deferred tax relating to retirement benefit scheme - - - - (5.0) (5.0)
Interest rate swaps - cash flow hedge - - (0.8) - - (0.8)
Total comprehensive income for the period - - (0.8) (1.8) 17.9 15.3
Dividends paid 4.6 - - - - (6.8) (6.8)
Own shares acquired 4.5 - - - - (5.0) (5.0)
Fair value of share-based payments - - - - 3.3 3.3
Deferred tax relating to employee share schemes charged directly to equity - - - - 0.3 0.3
At 30 September 2024 50.3 54.3 - (15.7) 77.6 166.5
Other reserves consist of the capital redemption reserve of $0.6m (2023:
$0.6m) and the translation reserve of $(16.3)m (2023: $(14.5)m). All movements
in other reserves relate to the translation reserve.
Notes to the accounts
1 Basis of preparation
Avon Technologies plc is a public limited company incorporated and domiciled
in England and Wales and its ordinary shares are traded on the London Stock
Exchange.
The financial period presents the year ended 30 September 2024 (prior
financial period 52 weeks ended 30 September 2023). The Company has adopted a
calendar year-end to align with the majority of listed peers, and certain
subsidiary companies.
The financial statements have been prepared on a going concern basis and in
accordance with UK adopted International Accounting Standards. The financial
statements have been prepared under the historical cost convention except for
derivative instruments which are held at fair value.
The financial information set out above does not constitute the company's
statutory accounts for the years ended 30 September 2024 or 2023. The
financial information for 2023 is derived from the statutory accounts for 2023
which have been delivered to the registrar of companies. The auditor has
reported on the 2023 accounts; their report was (i) unqualified5, (ii) did not
include a reference to any matters to which the auditor drew attention by way
of emphasis without qualifying their report and (iii) did not contain a
statement under section 498 (2) or (3) of the Companies Act 2006. The
statutory accounts for 2024 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and
will be delivered to the registrar of companies in due course.
2 Operating segments
The Group Executive team is responsible for allocating resources and assessing
performance of the operating segments. Operating segments are therefore
reported in a manner consistent with the internal reporting provided to the
Group Executive team. The Group has two different continuing operating and
reportable segments: Avon Protection and Team Wendy.
Year ended 30 September 2024
Avon Team Wendy Total Adjustments Total
Protection and
discontinued
$m $m $m $m $m
Revenue 145.6 129.4 275.0 - 275.0
Operating profit/(loss) 26.6 5.0 31.6 (20.9) 10.7
Finance costs (6.3) (2.1) (8.4)
Profit/(loss) before taxation 25.3 (23.0) 2.3
Taxation (4.4) 5.1 0.7
Profit/(loss) for the period from continuing operations 20.9 (17.9) 3.0
Discontinued operations - result for the year - - -
Profit/(loss) for the year 20.9 (17.9) 3.0
Basic earnings per share (cents) 69.9c (59.9c) 10.0c
Diluted earnings per share (cents) 67.6c (57.9c) 9.7c
52 weeks ended 30 September 2023
Avon Team Wendy Total Adjustments Total
Protection and
discontinued
$m $m $m $m $m
Revenue 156.9 86.9 243.8 - 243.8
Operating profit/(loss) 29.3 (8.1) 21.2 (33.8) (12.6)
Finance costs (7.2) (0.4) (7.6)
Profit/(loss) before taxation 14.0 (34.2) (20.2)
Taxation (1.9) 5.7 3.8
Profit/(loss) for the period from continuing operations 12.1 (28.5) (16.4)
Discontinued operations - profit for the year - 2.0 2.0
Profit/(loss) for the year 12.1 (26.5) (14.4)
Basic earnings per share (cents) 40.3c (88.3c) (48.0c)
Diluted earnings per share (cents) 40.3c (88.3c) (48.0c)
Revenue by line of business
Year ended 30 September 2024 52 weeks ended 30 September 2023
Avon Team Wendy Total Avon Team Wendy Total
Protection $m $m Protection $m $m
$m $m
US DOD 39.6 83.1 122.7 67.1 42.5 109.6
Commercial Americas 40.9 30.2 71.1 30.5 27.0 57.5
UK and International 65.1 16.1 81.2 59.3 17.4 76.7
145.6 129.4 275.0 156.9 86.9 243.8
3.1 Intangible assets
Goodwill Acquired Development Computer Total
$m intangibles expenditure software $m
$m $m $m
At 1 October 2022
Cost 88.7 98.2 69.2 15.3 271.4
Accumulated amortisation and impairment - (46.1) (48.1) (6.2) (100.4)
Net book amount 88.7 52.1 21.1 9.1 171.0
52 weeks ended 30 September 2023
Opening net book amount 88.7 52.1 21.1 9.1 171.0
Exchange differences 0.1 - 0.3 - 0.4
Additions - - 3.1 0.5 3.6
Impairments (23.4) - (0.2) (0.6) (24.2)
Amortisation - (6.3) (4.1) (1.2) (11.6)
Closing net book amount 65.4 45.8 20.2 7.8 139.2
At 30 September 2023
Cost 88.8 98.2 69.5 15.0 271.5
Accumulated amortisation and impairment (23.4) (52.4) (49.3) (7.2) (132.3)
Net book amount 65.4 45.8 20.2 7.8 139.2
Year ended 30 September 2024
Opening net book amount 65.4 45.8 20.2 7.8 139.2
Exchange differences - - 0.1 - 0.1
Additions - - - 0.6 0.6
Impairments - - (1.2) - (1.2)
Reclassification - - (0.3) 0.3 -
Amortisation - (6.2) (3.1) (3.0) (12.3)
Closing net book amount 65.4 39.6 15.7 5.7 126.4
At 30 September 2024
Cost 88.8 98.2 69.6 15.6 272.2
Accumulated amortisation and impairment (23.4) (58.6) (53.9) (9.9) (145.8)
Net book amount 65.4 39.6 15.7 5.7 126.4
Impairment review of goodwill
Goodwill is tested for impairment annually and whenever there is an indication
of impairment at the level of the cash-generating unit (CGU) to which it
is allocated.
Goodwill has been allocated to Team Wendy and Avon Protection CGUs. Team Wendy
includes goodwill from the Ceradyne and Team Wendy acquisitions, which are
part of the fully integrated business segment. Avon Protection goodwill is
related to three legacy acquisitions that completed in 2016 and earlier
financial periods.
Goodwill has been allocated to CGUs on the basis of historical acquisitions,
which provides a more accurate basis than allocating by relative value given
each of the acquisitions related fully to Avon Protection or Team Wendy
products individually.
Allocation of goodwill by CGU Cost Impairment Net book
$m $m amount
$m
Avon Protection 2.5 - 2.5
Team Wendy 86.3 (23.4) 62.9
Total goodwill 88.8 (23.4) 65.4
The total carrying value of each CGU is tested for impairment against
corresponding recoverable amounts. CGU carrying values include associated
goodwill, other intangible assets, property, plant and equipment, and
attributable working capital.
The recoverable amount of the CGUs has been determined based on value in use
calculations, using discounted cash flow projections for a five-year period
plus a terminal value based upon a long-term perpetuity growth rate.
Value in use calculations are based on the Group's Board approved
risk-adjusted five-year plan which has been amended to exclude the impact of
capital expenditure considered expansionary and certain linked earnings and
cash flows. Excluded expansionary items relate to new helmet programmes which,
although specifically identified and planned, have yet to incur significant
capital expenditure.
Team Wendy CGU
In the prior period the recoverable amount of the Team Wendy CGU of $182.1m,
determined based on value in use calculations, was less than the carrying
amount of the associated CGU net assets and therefore resulted in an
impairment to goodwill of $23.4m.
In the current period the recoverable amount of the Team Wendy CGU of $202.5m
was $29.8m higher than the carrying amount of the associated CGU net assets.
Sensitivity analysis and additional information for the Team Wendy CGU
impairment review will be provided in the Annual Report and Accounts.
Avon Protection CGU
Value in use for the Avon Protection CGU was substantially greater than its
carrying amount in the current and prior periods.
Impairment review of development costs
Development assets are grouped into the smallest identifiable group of assets
generating future cash flows largely independent from other assets (CGUs).
Included in CGUs are development expenditures, tangible assets and inventory
related to the product group. CGUs are tested for impairment annually and
whenever there is an indication of impairment.
As a result of the current year review the $4.1m carrying amount of the boots
and gloves product range CGU was exceptionally impaired by $1.7m ($1.2m fully
impairing associated development expenditure, $0.5m plant and machinery). The
impairment was a result of changes in forecast cash flows based on latest
costing and revenue assumptions.
In the prior period assets relating to one of the products in the Group's
escape hood range was fully exceptionally impaired by $0.5m due to its
discontinuation ($0.2m development expenditure, $0.3m plant and machinery).
3.2 Property, plant and equipment
Freeholds Right of use Plant and Leasehold Total
$m lease assets machinery improvements $m
$m $m $m
At 1 October 2022
Cost 3.0 43.2 96.8 3.9 146.9
Accumulated depreciation and impairment (1.3) (30.6) (74.2) (0.9) (107.0)
Net book amount 1.7 12.6 22.6 3.0 39.9
52 weeks ended 30 September 2023
Opening net book amount 1.7 12.6 22.6 3.0 39.9
Exchange differences - 0.5 0.5 - 1.0
Additions - 1.1 7.4 - 8.5
Disposals - - (0.8) - (0.8)
Impairments - (0.5) (0.5) - (1.0)
Transfer of finance leases - (2.6) - - (2.6)
Depreciation charge (0.2) (2.6) (5.7) (0.7) (9.2)
Closing net book amount 1.5 8.5 23.5 2.3 35.8
At 30 September 2023
Cost 3.0 41.7 86.0 3.7 134.4
Accumulated depreciation and impairment (1.5) (33.2) (62.5) (1.4) (98.6)
Net book amount 1.5 8.5 23.5 2.3 35.8
Year ended 30 September 2024
Opening net book amount 1.5 8.5 23.5 2.3 35.8
Exchange differences - 0.3 0.6 - 0.9
Additions - 4.8 8.0 2.6 15.4
Impairment - - (0.5) - (0.5)
Depreciation charge (0.1) (2.7) (4.5) (0.6) (7.9)
Closing net book amount 1.4 10.9 27.1 4.3 43.7
At 30 September 2024
Cost 3.0 46.8 94.6 6.3 150.7
Accumulated depreciation and impairment (1.6) (35.9) (67.5) (2.0) (107.0)
Net book amount 1.4 10.9 27.1 4.3 43.7
During the period right of use lease assets were increased by $4.8m to
recognise extension options considered reasonably certain, offsetting a
corresponding increase in lease liabilities (note 4.4).
4.1 Cash flows from operations
2024 2023
$m $m
Continuing operations
Profit/(loss) for the period 3.0 (16.4)
Taxation (0.7) (3.8)
Depreciation 7.9 9.2
Amortisation of intangible assets 12.3 11.6
Loss on disposal (excluding Armour sale transaction) - 0.3
Restructuring-related impairment of non-current assets - 0.7
Impairment of other non-current assets (excluding restructuring-related 1.7 0.5
impairments)
Impairment of goodwill - 23.4
Defined benefit pension scheme cost 1.1 1.0
Net finance costs 8.4 7.6
Fair value of share-based payments 3.3 0.7
Transformational, restructuring and transition costs expensed 10.8 2.9
Decrease/(increase) in inventories 0.3 (6.8)
Decrease/(increase) in receivables 17.2 (26.2)
Increase/(decrease) in payables and provisions 3.2 (2.2)
Cash flows from continuing operations before exceptional items 68.5 2.5
Transformational, restructuring and transition costs paid (9.7) (2.3)
Cash flows from continuing operations 58.8 0.2
Discontinued operations
Profit for the period - 2.0
Taxation - 0.3
Impairments - 0.6
Net finance costs - 0.2
Gain on disposal before tax - (9.1)
Decrease in inventories - 16.7
Decrease/(increase) in receivables 5.1 (1.3)
Decrease in payables and provisions (0.2) (6.2)
Cash flows from discontinued operations 4.9 3.2
Cash flows from operations 63.7 3.4
Cash flows from discontinued operations relate to final working capital
receipts and payments for the Armour business which closed in FY23.
4.2 Borrowings
2024 2023
$m $m
Current
Lease liabilities 3.9 4.3
Non-current
Bank loans 57.5 77.7
Lease liabilities 18.0 16.6
75.5 94.3
Total Group borrowings 79.4 98.6
Bank loans comprise drawings under the revolving credit facility (RCF). The
Group had the following committed facilities at the balance sheet date:
2024 2023
$m $m
Total undrawn committed borrowing facilities 82.5 127.3
Bank loans utilised 57.5 77.7
Total Group facilities 140.0 205.0
At 30 September 2023, the Group had an RCF with a total commitment of $200m.
On 14 May 2024 the Group signed a new $137m RCF, together with a $50m
accordion replacing the previous facility. The new RCF was agreed with a
syndicate of four lenders and is available until May 2027, with two further
one-year extension options.
The previous and new RCF are subject to financial covenants measured on a
bi-annual basis. These include a limit of 3.0 times for the ratio of net debt,
excluding lease liabilities, to bank-defined adjusted EBITDA (leverage). The
Group was in compliance with all financial covenants during the current and
prior period. The RCF is floating rate priced on the Secured Overnight
Financing Rate (SOFR) plus a margin depending on leverage.
In addition to the RCF the Group's US operations have access to a $3.0m
overdraft facility that is renewed annually and used to manage short-term
liquidity requirements.
4.3 Net finance costs
2024 2023
$m $m
Interest payable on bank loans and overdrafts (5.4) (6.3)
Interest payable in respect of leases (0.9) (0.7)
Amortisation of finance fees (0.7) (0.6)
Net interest cost: UK defined benefit pension scheme (2.1) (0.4)
Other finance income 0.7 0.4
Net finance costs (8.4) (7.6)
Other finance income comprises $0.4m finance lease interest (2023: $0.1m) and
$0.3m bank interest on cash balances (2023: $0.3m).
4.4 Analysis of net cash/(debt)
At Cash flow Non-cash Exchange At
30 September $m movements movements 30 September
2023 $m $m 2024
$m $m
Cash and cash equivalents 13.2 0.7 - 0.1 14.0
Bank loans (77.7) 20.2 - - (57.5)
Net debt excluding lease liabilities (64.5) 20.9 - 0.1 (43.5)
Lease liabilities (20.9) 5.2 (5.7) (0.5) (21.9)
Net debt (85.4) 26.1 (5.7) (0.4) (65.4)
During the period lease liabilities were increased by $4.8m to recognise
extension options considered reasonably certain (2023: no change in
liabilities).
At Cash flow Non-cash Exchange At
1 October $m movements movements 30 September
2022 $m $m 2023
$m $m
Cash and cash equivalents 9.5 3.7 - - 13.2
Bank loans (53.7) (24.0) - - (77.7)
Net debt excluding lease liabilities (44.2) (20.3) - - (64.5)
Lease liabilities (23.8) 5.1 (1.5) (0.7) (20.9)
Net debt (68.0) (15.2) (1.5) (0.7) (85.4)
4.5 Own shares held
Own shares held - Long-Term Incentive Plan
2024 2023
Number of Number of
shares shares
Opening balance 261,714 261,714
Acquired in the period 301,947 -
Disposed of on exercise of options (8,456) -
Closing balance 555,205 261,714
These shares are held in trust in respect of awards made under the Group's
Long-Term Incentive Plan. Dividends on the shares have been waived. The market
value of shares held in trust at 30 September 2024 was $9.1m (30 September
2023: $2.0m). The shares are held at cost as treasury shares and deducted from
shareholders' equity.
Own shares held - Share Buyback Programme
2024 2023
Number of Number of
shares shares
Opening balance 765,098 765,098
Acquired in the period - -
Closing balance 765,098 765,098
In 2022 the Group completed a £9.25m ($12.4m) Share Buyback Programme,
purchasing 765,098 ordinary shares. Dividends on these shares have been
waived. Purchased shares under the programme are held at cost as treasury
shares and deducted from shareholders' equity.
4.6 Dividends
On 26 January 2024, the shareholders approved a final dividend of 15.3c per
qualifying ordinary share in respect of the 52 weeks ended 30 September 2023.
This was paid on 8 March 2024 utilising $4.6m of shareholders' funds.
The Board of Directors declared an interim dividend of 7.2c (2023: 14.3c) per
qualifying ordinary share in respect of the year ended 30 September 2024. This
was paid on 6 September 2024 utilising $2.2m (2023: $4.3m) of shareholders'
funds.
The Board is recommending a final dividend of 16.1c per share (2023: 15.3c)
which together with the 7.2c interim dividend gives a total dividend of 23.3c
(2023: 29.6c). The final dividend will be paid on 7 March 2025 to shareholders
on the register at 7 February 2025 with an ex-dividend date of 6 February
2025.
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