Avon Technologies Plc (AVNBF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.196 Good morning, everybody. Thank you very much for those of you that have come in person 00:00:03.196 -- 00:00:08.884 and welcome to those on the phones. I thought I'd start by thanking our employees. 00:00:08.884 -- 00:00:13.911 The speed of change across Avon has been challenging at times, but people love 00:00:13.911 -- 00:00:18.358 being part of a team that is up to something exciting. 00:00:18.358 -- 00:00:21.783 We've grown the company and EPS has doubled since 2023. 00:00:21.783 -- 00:00:23.685 We 00:00:23.685 -- 00:00:28.759 now have an exciting pipeline of new products, a solid balance sheet 00:00:28.759 -- 00:00:35.345 and more strategic options. We could only do all this with such a great team. 00:00:35.728 -- 00:00:39.813 We made excellent progress in 2025. 00:00:39.813 -- 00:00:45.079 Revenue and profitability grew rapidly. We've transformed every factory 00:00:45.079 -- 00:00:50.486 using our strengthened system. We reduced costs by closing our Californian 00:00:50.486 -- 00:00:56.365 factory. In 2025, we invested $14 million in R&D, 00:00:56.365 -- 00:01:01.635 most of it expensed, fueling a pipeline of innovative products and generating 00:01:01.635 -- 00:01:04.921 excitement amongst our customers. 00:01:04.921 -- 00:01:09.926 The order book and pipeline are both stronger than ever. 00:01:10.130 -- 00:01:15.239 We have a scalable platform facing into growing markets 00:01:15.239 -- 00:01:20.649 and we're firmly on track to exceed our revenue targets and reach our margin target range 00:01:20.649 -- 00:01:26.996 in 2026. I'll now hand over to Rich and he'll talk you through the numbers. 00:01:27.060 -- 00:01:30.883 Thank you, Josh. Good morning, everyone. 00:01:32.320 -- 00:01:37.468 So as you can see then, the headlin...