Avon Technologies – offering a strong platform, expanding horizons and significant growth, AGM Update this coming Friday, shares up 38% at 1918p, TP 2400p

Mark Watson-Mitchell - 27.01.2026

This coming Friday, 30^th January, will see Avon Technologies (LON:AVON), the personal protection equipment specialists, issue a Trading Update ahead of holding its AGM that day.

Based in Melksham, Wiltshire, the £594m-capitalised group, is a world leader in mission-critical protection equipment.

Even though the group’s shares have risen over 60% since my April 2025 feature, before easing back to being just 38% up, this week’s statement should be positive following the group’s guidance on current year trading.

It is looking for high single-digit revenue growth in financial 2026, while remaining on track for an operating margin of 14% to 16%.

For 2025, the group posted financial revenue of $313.9m, up 14% from $275.0m, and pretax profit of $13.1m, up sharply from $2.3m.

Its final dividend rose to 17.0c from 16.1c, bringing the total annual payout to 24.6c, up 5.6%.

It stated that it was now a stronger business with more growth opportunities than ever, underpinned by disciplined investment and relentless operational improvement.

The Business

The company operates through two brands: Avon Protection, and Team Wendy - selling to its global customers from manufacturing sites in the UK and in North America.

The Avon Protection side is a provider of mission-critical protection for its customers' requirements.

Its range of mission-critical protection products includes respirators, powered & supplied air, spares & accessories, chemical, biological, radiological, nuclear (CBRN) protective wear, and underwater systems.

The Team Wendy's portfolio is focused on ballistic and bump protection helmets, and liner and retention systems. 

Management Comment

In mid-November last year, the group announced its 2025 Finals, at which time CEO Jos Sclater stated that:

"Nearly two years ago, we set bold ambitions for the business, which could only be achieved by significant change.

This year, in particular, required enormous tenacity and dedication from our employees.

That effort is paying off.

Adjusted EPS has grown by over 100% since 2023, the balance sheet now provides a strong foundation and strategic optionality, and we've launched several exciting new products which will support future growth.

As we near the completion of the first phase of our strategy, our shift to a continuous improvement culture is delivering real results and has been fundamental to dramatically increasing the production run rate within Team Wendy and expanding our market share in Avon Protection. 

We are now a stronger business with more growth opportunities than ever, underpinned by disciplined investment and relentless operational improvement.”

The Equity

There are some 31.02m shares in issue.

The larger holders include Alantra EQMC Asset Management (16.12%), Aberdeen Investment Management (7.40%), Ancora Alternatives (4.97%), Schroder Investment Management (4.57%), Royal London Asset Management (4.17%), BlackRock Investment Management (3.59%), Invesco Asset Management (3.16%), NFU Mutual Investment Services (2.60%), Van Lanschot Kempen Investment Management (2.50%) and Norges Bank Investment Management (2.48%).

Broker Views

There are seven analysts following the company, four of whom call the shares as a Buy, with three suggesting Hold.

The consensus average is for a 2,134p Target Price, the highest rating 2,400p and the lowest 1,850p.

For the current year to end-September, the analyst average is for revenues of $338.5m, pre-tax profits of $46.4m, with 121.3c per share in earnings and paying a 31.7c dividend.

In My View

Last April, I featured this group, with its shares then at 1,385p, since when they have been as high as 2,230p, before easing back to 1,700p in the middle of last month.

By last night, the shares had recovered to 1,918p, still up over 38% since that feature, I see them trading up to the 2,250p level within months.

(Profile 10.04.25 @ 1385p set a Target Price of 1730p*)

(Profile 21.05.25 @ 1702p set a Target Price of 2125p*)