Avon Rubber PLC Annual General Meeting - Trading Update (2661N)
January 29 2021 - 1:00AM
UK Regulatory
TIDMAVON
RNS Number : 2661N
Avon Rubber PLC
29 January 2021
29 January 2021
Avon Rubber p.l.c.
Annual General Meeting - Trading Update
In advance of its Annual General Meeting being held at 10.30am
today, Avon Rubber provides the following trading update for its
current financial year ending 30 September 2021.
Summary
Trading has continued as expected following the Trading Update
on 17 December 2020, with continued good order intake across our
portfolio of life critical personal protection systems for the
world's militaries and first responders. We have seen positive
order momentum in the Military, First Responder and Team Wendy
businesses, and have made progress with the updated body armor
designs for the U.S. Defense Logistics Agency Enhanced Small Arms
Protective Inserts ("DLA ESAPI") and U.S. Army Vital Torso
Protection ("VTP") contracts. The Board therefore remains confident
of achieving its expectations for the current financial year.
Military
Within the Military business, we have received further orders
under the NATO Support & Procurement Agency Contract, with the
Netherlands becoming the fourth country to join the programme.
Following approval of the U.S. Defense budget we anticipate
follow-on orders under our long-term U.S. DOD contracts during the
first half of the 2021 financial year and have good visibility of a
wider pipeline of global opportunities.
We remain on schedule to submit revised designs for the DLA
ESAPI contract during the second quarter and continue to target
first deliveries in the early part of our 2022 financial year.
The previously announced protest against the U.S. Army Next
Generation Integrated Head Protection System sole source contract
has been upheld and the contract is expected to be re-tendered
shortly. We believe our product continues to represent the optimal
solution for the customer and whilst the delay to the programme
created by this protest is unwelcome, we do not currently expect
any material impact on Group expectations for our 2021 and 2022
financial years.
First Responder
Within our First Responder business, we have continued to see
strong demand across our entire respiratory protection range, in
part driven by the ongoing pandemic. We have also continued to see
a strong pipeline of opportunities to further broaden our customer
base across both our respiratory and ballistic product
portfolios.
Team Wendy
Team Wendy has continued to perform well and in line with
expectations in the three months of ownership with strong order
intake.
For further enquiries, please contact:
Avon Rubber p.l.c.
Paul McDonald, Chief Executive Officer 01225 896 848
Nick Keveth, Chief Financial Officer
Ryan Mahoney, Deputy Chief Financial Officer
MHP Communications
Andrew Jaques 0203 128 8570
Charlie Barker avonrubber@mhpc.com
Pete Lambie
Ailsa Prestige
Legal Entity Identifier: 213800JM1AN62REBWA71
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of those Regulations.
Note to editors:
Avon Rubber is listed on the London Stock Exchange (LSE: AVON)
and is a constituent of the FTSE 250 Index.
Avon Rubber is an innovative technology group, which designs and
produces life critical personal protection systems to maximise the
performance and capabilities of its customers, with leading
positions in the respiratory and ballistic protection markets for
the world's militaries and first responders.
For further information, please visit our website:
www.avon-rubber.com .
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