Avon Protection : Year end results for the year ended 30 September 2021

Paul McDonald, Chief Executive Officer:

"2021 has regretfully been a challenging year for Avon Protection and our stakeholders, however we have taken decisive action to address the body armor issues and refocus the Group as a global leader in respiratory and head protection.

Having conducted an in-depth strategic review of our armor business, we have concluded that an orderly wind-down of the body and flat armor business over the next two years to fulfil our existing body and flat armor customer commitments is in the best interest of our stakeholders as a whole.

While naturally overshadowed by events in armor, we have made further progress during the year against our strategic objectives to deliver sustainable growth. We have made significant investment to further enhance the Group's commercial and operational capability, creating a scalable platform to support our medium-term ambitions. Alongside this, we have continued to increase our pipeline of opportunities, responded to tenders for long-term contracts worth over $300 million and broadened our portfolio of contracts, reinforcing Avon Protection's position as a leading global provider of respiratory and head protection.

Whilst we expect to see continued growth in FY22, the year ahead will also be one of transition, as we begin to wind-down the armor business and refocus the Group. Supply chain disruption and customer order pattern volatility due to the ongoing COVID pandemic remain part of the backdrop entering the new financial year and so we expect the operating environment to continue to be challenging. However, with an opening order book of $117 million excluding armor, we expect our respiratory and head protection businesses to deliver growth in FY22 and we remain confident in the medium-term prospects for a refocused Avon Protection."

To view all the year end results documents, visit the Financial Reports section of our website.