Share Name Share Symbol Market Type Share ISIN Share Description
Avon Protection Plc LSE:AVON London Ordinary Share GB0000667013 ORD #1
  Price Change % Change Share Price Shares Traded Last Trade
  25.00 2.43% 1,052.00 102,257 16:35:03
Bid Price Offer Price High Price Low Price Open Price
1,050.00 1,055.00 1,063.00 1,027.00 1,027.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Aerospace & Defence 248.30 -35.60 -83.50 326
Last Trade Time Trade Type Trade Size Trade Price Currency
17:40:08 O 797 1,059.674 GBX

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Date Time Title Posts
01/6/202211:12AVON RUBBER 2020821
10/12/202112:40Avon calling - preparing to breakout1,045
13/2/201106:59Avon Rubber - the next Molins - doesn't make tyres stupid!222
20/2/200916:46PE of 8.8 and falling261
30/11/200610:05Update on Avon Rubber188

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Avon Protection Daily Update: Avon Protection Plc is listed in the Aerospace & Defence sector of the London Stock Exchange with ticker AVON. The last closing price for Avon Protection was 1,027p.
Avon Protection Plc has a 4 week average price of 941p and a 12 week average price of 941p.
The 1 year high share price is 2,950p while the 1 year low share price is currently 860p.
There are currently 31,023,292 shares in issue and the average daily traded volume is 63,984 shares. The market capitalisation of Avon Protection Plc is £326,365,031.84.
conwyrebel: Buy pick by peel hunt for Avon. Set a watchlist on stockomendation and you get instant stock pick/tip/recs alerts
fuji99: From bad to worse. Never seen such a disastrous company. Now they are becoming a lossy dog in the middle of a war. What will they be in peace time ? Pleased I was out since I was convinced this is heading to the abyss. Will do the opposite of prosperous companies: To be taken over for peanuts when its share price hits the floor. I won't be surprised to see it priced at £2 - £3 in the next 6 months.
lomcovaks: Recent good article in the Chronic Investor - Could Avon Protection go the way of Ultra Electronics? A new US contract could provide reassurance over the relationship with the US Department of Defense Could Avon Protection go the way of Ultra Electronics? February 10, 2022 By Taking Stock Midway through 2020, Avon Protection (AVON) hived off its Milkrite InterPuls business to DeLaval Holding for around £180mn on a cash and debt-free basis. Bosses had determined that a move away from the production of artificial ruminant teats would enable the group to become further entrenched in military and first responder markets, aided by an intensified focus on respiratory and ballistic protection. They may have had a point. Military contracts are generally predictable, multi-year affairs, providing greater clarity on sales and cash flows. Higher-tech kit usually generates decent margins and the US military doesn’t usually scrimp on protective gear for its service personnel. The Wiltshire-based group has been trading for 137 years, ironically coming into existence in the same year that Gottlieb Daimler was granted a German patent for his single-cylinder water-cooled engine design, and King Leopold II of Belgium established the Congo Free State as a personal possession, both of which were highly significant developments for the rubber industry. At various points along the way, Avon has manufactured everything from conveyor belts to diving suits, so the move could be viewed as part of an evolutionary process – companies have always repurposed their manufacturing capabilities to suit end-markets. And you could even say that Avon’s central input over the years had provided a degree of flexibility. Avon has determined that its growth prospects are best served by the military alone, but in the age of specialisms it’s sometimes worth remembering that having different products can spread risk between markets. At the end of last year, the board took the decision to shut down the body armour business following news that its Vital Torso Protection plates had failed initial US Army tests. MOST READ Today Small CompaniesMarch 8, 2022 Bargain shares: A winner in the cost-of-living squeeze Small CompaniesMarch 8, 2022 An app store winner COMPANIESMarch 8, 2022 Russia-Ukraine war shines spotlight on crypto risks to financial stability The closure fed through to a $46.8mn (£35.3mn) impairment in its full-year 2021 accounts, and a consequent net earnings loss, so the shares duly headed south. You can now pick them up at about a third of their 12-month high of 3,660p recorded in April 2021. Nonetheless, it would be dishonest to suggest that the decision to streamline the business model was wholly ill-conceived, especially given that it came on the heels of two new contracts from the US Department of Defense worth in the region of $66mn. The Milkrite InterPuls arm had generated 28 per cent of sales in the group’s half-year results published shortly before the decision to divest. It also accounted for the entire statutory half-year operating profit of £3m, after the Protection segment was lumbered with increased depreciation and amortisation charges. Perhaps the rationale may become clearer when you consider that the Protection order backlog was 22 times larger than that of the dairy-supply business, although that is largely attributable to the nature of the typical contractual arrangements for both segments. Whatever the reasoning behind the move, it has been a sobering experience for investors. But respite is at hand – or at least partial respite. Avon Protection has announced the award of a contract to supply the US Defense Logistics Agency with the second-generation Advanced Combat Helmet. It is worth a maximum of $204mn over a five-year period, being a one-year base period with a maximum value of $46mn plus four further one-year extension options. As mentioned, the typical long-dated nature of these deals is certainly a plus point, and analysts at Jefferies believe that it “will also (hopefully) put to bed any concerns that investors will have surrounding Avon's relationship with the US Department of Defense”. The broker does not expect any change to consensus, but the contract “helps to underpin longer-term forecasts”. If anything, the failure of the Vital Torso Protection plates could highlight the dangers of being a small fish in a very capital-intensive pond. It is not as if the likes of BAE Systems (BA.) and Lockheed Martin (US: LMT) don’t botch defence contracts from time to time. Yet they are better able to wear set-backs simply due to their scale – not too many eggs in one basket, to mix in another unwanted metaphor. Jefferies may be right about investor perceptions over Avon’s relationship with the Pentagon, but that could open it up to the attentions of bigger pond dwellers. The recent experience of Ultra Electronics (ULE) and, indeed, Cobham before it, show that UK contractors remain on the menu. Avon’s share price cratered once doubts over body armour business emerged, but it closed out FY 2021 with net cash (ex-lease liabilities) of $26.8mn and a residual order book of $117mn. You have got to imagine that it’s in play.
ch1ck: This is the reply I received from the CFO today. Which is full of detail and hope is helpsThank you for your follow up questions regarding the share buy-back, which I have attempted to answer as follows. Given our immediate priorities of closing the armor business and reshaping the group around our core respiratory and head protection businesses, we have announced that we do not intend to initiate any major merger and acquisition activity in 2022. Given the strength and cash generative nature of the core business and our strong balance sheet we have concluded that a share buyback is a good use of the cash we expect the business to generate whilst M&A is off the agenda. The principle behind a share buy-back is that it reduces the number of shares in issue increasing the proportion of the business owned by each share thereby resulting in the earnings attributable to each remaining share increasing. All things be equal this increases the value of each share. Of course, on a given day or short period of time, there are many other influences on the share price, such as other news relating to the company, other similar companies, and the economy in general, so it's not possible to disaggregate all those influences. A buy-back also has the secondary benefit of allowing holders who are looking to exit, a liquid market to sell their shares into and thus decrease any "overhang" of stock which would depress the share price in the short term. Based on the current share price, the $25 million share buy-back programme should improve our EPS by c. 4 – 5%, which in theory should convert through into a share price rise of the same level. Given that in will take c.6 months to complete the share buyback the 4-5% increase will be achieved over the same c. 6 month period. As such the SBB will not result in a dramatic discernible move in share price in the short term or on any particular day. I should highlight that U.K. listing rules limit the number of shares we can by to 25% of the daily trading and put a ceiling on the price that can be paid of 105% of the average price over the last 5 days. It is these rules that are determining the level of shares bought on a daily basis and which drive the estimated 6 month period to complete the programme. More generally, the driver for delivering shareholder value is for us to continue to grow the business, with the contract win of the Advanced Combat Helmets for the US military, announced last week, an excellent step forward. As we continue to deliver growth across our portfolio and demonstrate we can deliver on city expectations for the core business, I expect this to be the main driver increasing share price.
ch1ck: Here is a question for all you clever people.Avon is in the middle of a buy back program and yesterday they reported the following purchasesDate of purchase: 15 February 2022 Aggregate number of shares purchased: 15,576 Lowest price paid per share: 1128.00 Highest price paid per share: 1154.00 Average price paid per share: 1143.60 It looks like they are trying to buy as many shares as they can when ever the price drops and did this Via a bot 200 times yesterday with some of these trades being for a few sharesMy question what is the dealing cost of each transaction if it is 10 pounds then it's thousands per day in dealing costs or do you pay a set fee to the broker which covers all transactions.If I was trying to move the price higher this would be the opposite to what I would do.So it seems to me we are paying to improve EPS not enhance share holder value via share price gain
jeffian: It may make sense to buy back shares at less than NAV (£6.70-odd) but "value" is entirely subjective, and that's my point. It's whatever Mr. Market says it is and there are many, many examples (e.g. my WTB one above) where he doesn't play the game and mark up shares in proportion to the reduction of shares in issue as they are bought in and cancelled. Directors need to understand that they can't 'manage' the share price, and it is not their job to do so other than by the time-honoured methods of increasing revenues, profit margins, profits and dividends and let the market do the rest. When Aviva used to be called Norwich Union, it wasn't as highly rated as its peers and the Directors took umbrage that their 6% dividend yield was nearly twice that of other insurers. Accordingly, they announced that they would be "rebasing" the dividend in line with the others and halved it. The market promptly halved the share price to leave the yield untouched.
ch1ck: Research note released today by Edison hi lights the risk reward, summary stock is undervalued, fall in share price is disproportionate to the failure of Armour business. Provided there are no hiccups there should be strong share price recovery due to steady sales
fuji99: IMO the worst case scenario is for the share price to drop to the £15 - £16 level the day they gave the news on the delay in the body armour. I think there are two reasons for the share price level we have now: 1/ Analysts quickly misjudged the outcome by ignoring it was only 17% of the whole business 2/ The number of shares issued is so tiny (31 million) that any large sell will be followed by a large chunk of the share price taken out.
fuji99: Shorts are low and were already there in September. IMO the share price is very sensitive as the number of issued shares is only 31 million. So any amount of buy/sell will spike the share price sharply in either direction. So assume someone buying say 5000 shares, I won't be surprised to see the share price going blue.
buywell3: On the 7th Aug 2019 AVON announced buying 3M's armor business 7 August 2019 Avon Rubber p.l.c. ("Avon Rubber", the "Company" or the "Group") Agreement to acquire 3M's Ballistic-Protection Business Here is a chart from that date free stock charts from Other orders followed in March of 2020 and the chart rise took off 25 Mar 2020 7:00 am RNS Avon Rubber PLC (AVON) U.S. Defense Logistics Agency Body Armor Contract 2nd Mar 2020 7:00 am RNS Avon Rubber PLC (AVON) U.S. Army Body Armor Contract Award --------------------------------------------------- The 3rd profit warning should imo come when a revised announcement is made ---- which is expected to be in early December ---- ie in 3 weeks as of now and will it say: AVON will exit the armor business -- or bite the bullet and carry on spending to get things sorted ? Has the bounce gone out of AVON rubber and will heads roll if an share price rebound is not forthcoming ?
Avon Protection share price data is direct from the London Stock Exchange
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