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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Avon Protection Plc | AVON | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 42.00 | 3.53% | 1,232.00 | 16:35:03 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,198.00 | 1,196.00 | 1,244.00 | 1,232.00 | 1,190.00 |
| Industry Sector |
|---|
| AEROSPACE & DEFENCE |
| Top Posts |
|---|
Posted at 16/1/2024 07:22 by bigbigdave TimesThe tale of the Avon Protection bullet-proof vests that turned out to be only mostly bullet-proof may live long in the minds of investors appraising the listed business that otherwise makes helmets for the US military and gas masks and respiratory equipment for customers worldwide (Robert Lea writes). The fiasco of Avon’s faulty body armour is told in the company’s share graph, with the stock price nearly quadrupling in the matter of a year to a high of more than £43 in the second half of 2020. Within another year, the company had lost 80 per cent of its value. However, the technology failure was symptomatic of wider failings in the business and Avon’s management was moved on. For the past year, the Wiltshire-based company has been in turnaround mode under Jos Sclater, its new chief executive, whose recent bona fides include Ultra Electronics, Castrol Lubricants and GKN. Its latest announcement is of a contract understood to be worth double-figure millions of euros to supply state-of-the-art, ten-years-in-develop Avon’s stock has been pretty much flat at a time when so many other defence stocks have shot up like a Tomahawk missile during the conflicts of the past two years. Investors who want to hear the story will be reminded at a capital markets day early next month of Avon’s capability and what Sclater has done to shake up the company. Avon is a business that has annual sales of about $250 million and it plans to nearly double margins to up to 16 per cent. If it can be forgiven for past failings, then it may be worth donning the tin hat once more. Advice: Buy Why? A turnaround situation in good markets with good product. |
Posted at 24/11/2023 10:09 by simon gordon IC Show - 24/11/23Avon Protection, the Autumn Statement and quality US shares | The Companies and Markets Show This week’s episode begins with a dive into Avon Protection’s recent figures with our deputy news editor Michael Fahy. To say the numbers were positive might be a stretch, but things could certainly be worse for the respiratory protection equipment specialist. As there have been many changes at the company in recent years and now activist investors are agitating for a sale, how should investors see the business? |
Posted at 30/10/2023 09:30 by topman1966 I see that the naked trader is back in here . He was a big investor in here years ago . Hopefully a good omen |
Posted at 18/10/2022 16:09 by michaelfox I contacted Investor relations who advised full year results are scheduled for 22 November. They also reminded me that ‘…..perf |
Posted at 05/9/2022 12:28 by lomcovaks Good post fuji99,Agree that the future is looking very murky but there are optimistic voices out there. This (apologies for length) from Investors Chronicle 19th August - 'But though there is widespread consensus that the economic outlook has darkened, there is a chance things might not be quite as bad as the BoE’s forecasts suggest. According to the August projections, the UK economy will contract in the fourth quarter and continue to shrink over the course of 2023. This sharp drop in economic activity will be driven by “the significant adverse impact of the sharp rises in global energy and tradable goods prices on UK household real incomes”. As the chart shows, the Bank expects the recession to be relatively deep, with a peak-to-trough contraction of 2.25 per cent. Soberingly, it is also expected to last for five successive quarters – as long as the 2008 recession. But not all forecasts are so bearish. Economists at Panmure Gordon predict a shorter, two-quarter contraction, and Capital Economics also foresees a shallower recession. Samuel Tombs, chief UK economist at Pantheon Macro, even argues that recession could be avoided. So why is the BoE so pessimistic? Firstly, because it is bound by a number of forecasting conventions – and this is more interesting than it sounds. In 2019, the BoE set out a method for modelling energy prices which assumes that they first follow their futures curves, then remain constant after six months. This statistical quirk was designed to make forecasting simpler, but now has significant impacts: under the BoE’s projections, energy prices are assumed to stay at high levels over the forecast period. When the BoE adapts its model to allow energy prices to follow their (downward sloping) futures curve instead, the picture looks a little brighter: GDP contracts by 1.5 per cent instead of 2.1 per cent by the third quarter of next year. What’s more, the BoE’s models only take current (or pre-announced) government policies into account. In normal times, this makes sense – there is usually a similar chance of fiscal policy becoming tighter or looser as the forecast period evolves. But with a new prime minister taking office in September, some level of fiscal stimulus looks almost certain. Further government action on energy prices could easily double the £37bn in help announced earlier this year. Under these conditions, the recession would be significantly milder: Panmure Gordon projects a two-quarter contraction, before a return to growth in Q2 2023. Pantheon Macro’s Tombs also argues that “with extra government support likely to be announced shortly after the new PM takes office, and households still holding considerable savings, a recession is not inevitable”.' |
Posted at 24/5/2022 08:59 by fuji99 "... we remain confident in a return to growth." - In other words, when there is no war and no demand for their helmets, the only product left on offer ... Any naive investors still left should brace themselves for profit warnings in series. |
Posted at 24/5/2022 07:15 by terminator101 Probably less. 50% down today IMO. Paul has certainly been transformational. Transformational in making loads of investors a lot poorer ;-( |
Posted at 06/4/2022 23:19 by st3v3m CEO spouts the same broken record every time, he knows no shame and has to come to terms that the city have lost all confidence in him. Until new management is appointed there will be little confidence with investors. Has yet to make any tangible successful decisions. |
Posted at 09/3/2022 15:03 by 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. |
Posted at 28/1/2022 19:46 by ch1ck Jeffian I agree, and did say to The CEO that investors buy into a share that they believe is doing better and NOT because there is a share buy back program. When they see the management buying into the share with their own money that is the vote of confidence that moves the price.He responded by saying he held 60000 shares bought last year so was also feeling the pain. All I can say is the price was negative prior to the AGM and ended up significantly.I believe this could be the turning point for the share price but with a holding of 25000 shares that is enough for now |
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