Avon Technologies – strong platform, expanding horizons, shares, now 1860p, ready to regain their previous 2230p High

Mark Watson-Mitchell - 12.11.2025

This morning’s results from Avon Technologies (LON:AVON), the global leader in protective equipment, covered the Full Year to end-September.

Not only is that a rapid collation and breakdown of the annual figures, which would shame hundreds of other PLC’s, but it was also a good set of numbers for the period.

In early April this year, I stated that the group’s shares looked appealing at 1385p, this morning they are trading at around 1860p, a very healthy 34% capital gain – but there is still so much more to come yet!

The Business

The £564m-capitalised group is a world leader in protective equipment, with a reputation for innovative design, high-performance quality and specialist materials expertise.

Its two brands, Avon Protection and Team Wendy, supply its respiratory and head protection portfolio to group customers across the globe from its manufacturing sites in the UK and North America.

The two Strategic Business Units are -

Avon Protection - a leading provider of advanced respiratory and integrated protective systems and Team Wendy - a specialist in high-performance ballistic and impact protection helmet systems. 

The Finals

The Preliminary results for the year to end-September, showed a strong financial performance with revenue increasing by 14.1% to $313.9m and adjusted operating profit rising by 27.5% to $40.3m.

The company achieved a record closing order book of $262.8m, up 16.7%, driven by significant demand in Europe and from the Australian Defence Force.

Adjusted basic earnings per share grew by 30.5% to 91.2c, and the total dividend per share increased by 5.6% to 24.6c, demonstrating progress towards medium-term financial goals and a robust business improvement system.

Management Comment

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 31m shares in issue.

The larger holders include Alantra EQMC Asset Management (15.97%), Aberdeen Investment Management (5.06%), Ancora Alternatives (4.97%), Schroder Investment Management (4.69%), Royal London Asset Management (3.83%), NFU Mutual Investment Services (3.57%), BlackRock Investment Management (3.55%), Invesco Asset Management (3.03%), Norges Bank Investment Management (2.79%), and Van Lanschot Kempen Investment Management (2.50%).

Broker Views

Some seven broking firms cover the stock.

Prior to today’s results the analyst consensus looked on the group’s shares to Outperform, with an average Target Price of 1951p, the lowest at 1640p, while the highest was 2300p, which was from Investec, who last week reinitiated its view as a Buy.

In My View

This group’s shares, which peaked at 2230p in early August but have subsequently eased back to 1860p, are looking ready for another upward push to pierce through the 2025 High.

Avon Helmet

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

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