Business
Post Close Trading Update
Post Close Trading Update.
About this update from Avon Technologies Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8651O\n Avon Protection PLC\n 13 October 2021\n \n \n \n \n 13 October 2021\n \n \n Avon Protection plc\n \n \n \n Post Close Trading Update\n \n \n \n \n \n Avon Protection plc (\"Avon\" or the \"Group\") today provides the following post close trading update for its financial year ended 30 September 2021 (\"FY21\").\n \n \n \n \n \n Trading update\n \n \n Avon has continued to see good commercial momentum in the second half of FY21, with order intake for the year of c.$280 million. This represents total year-on-year order growth of 34% and growth of 15% excluding Team Wendy. As a result, the Group has carried a strong closing order book of $141 million into the new financial year (\"FY22\"), up 39\n % on 30 September 2020. This momentum underpins confidence in the Group's growth expectations for FY22. \n \n \n \n \n \n The Group expects to report revenue of $250 million for FY21 (2020: $213.6 million), which is within the range indicated in our trading update of 13 August 2021. This \n includes a Team Wendy contribution of $41 million from the first 11 months of ownership, in line with expectations at the time of acquisition.\n \n \n \n \n \n As expected, we have seen revenue growth in our First Responder business and Military respiratory portfolio, offset by declines in Military ballistic revenue due to the previously announced delays. Overall, Military revenue is expected to decline by 3% to $149 million \n with respiratory revenue growth of 10% being offset by a 31% decline in Military ballistic revenues. First Responder revenues are expected to have increased by 2% to $61 million, against a strong comparator in 2020, driven by very encouraging growth in our ballistic protection portfolio.\n \n \n \n \n \n Trading profitability in the remainder of FY21 was in line with the expectations set out in the August trading update. The Group will however recognise one-off, non-cash, ballistic protection inventory adjustments, which are expected to reduce the reported adjusted EBITDA margin for FY21 to between 15% and 16%.\n \n \n \n \n \n Cash conversion has come through more strongly than anticipated at the time of the August trading update. As a result, we expect FY21 reported cash conversion of c.80% and net debt before lease liabilities of $27 million at 30...