Avon Technologies releases its full-year results today, Tuesday 10 November 2026, after the defence protective equipment maker told investors last month that its results for the year to 30 September would come in ahead of current market expectations.

The Wiltshire-based group, which makes gas masks and helmets for military and police forces, said in a trading update on 7 October that revenue growth for the year was expected to be about 12.5%, against 13.8% the year before. Adjusted operating profit margin was expected to come in comfortably above its guided range of 14% to 16%, compared with 12.8% in the previous year.

Margins and returns ahead of guidance

Because of the higher operating profit, return on invested capital was expected to be significantly above the group's guidance of more than 17%, against 18.6% the year before. Year-end net debt, excluding lease liabilities, was expected to be about $34 million, with full-year cash conversion above 85% and leverage below 0.5 times.

Avon said its order book had risen significantly since its half-year results, giving the group strong visibility into the new financial year. Its Avon Protection business continued to see healthy demand through the NATO Support and Procurement Agency programme, with several new European orders received.

Helmet orders drive Team Wendy growth

In Team Wendy, the group's US helmet business, the order book grew materially during the second half. That included the largest share of the recent Next Generation Integrated Head Protection System order, strong volumes of its ACH Gen II helmet, new US Air Force orders and the renewal of the Australian Defence Force programme, with the first annual order received.

Production at Team Wendy has stabilised at target levels, the group said, contributing to a significant improvement in operating margin during the second half. Avon Protection also continued to trade well, supported by sustained commercial demand in North America.

New strategy: improve, grow, compound

The results will be accompanied by guidance for the new financial year, and by the next phase of the group's strategy, which it calls "Improve. Grow. Compound." Chief executive Jos Sclater said Avon had transformed its performance over the past three years and built a repeatable system for improving its businesses.

The group's organic plan targets annual revenue growth of more than 5%, adjusted operating margins of 16% to 18% and annual earnings per share growth of more than 10%. Over five years it aims to grow revenue to more than $600 million while keeping return on invested capital above 18%, and to generate more than $175 million of free cash flow over the next three years.

What to watch in today's results

Investors will look for the confirmed full-year figures, the first guidance for the new financial year, and any detail on how the order book is converting into sales. Avon Technologies' products are used to protect more than four million service personnel and first responders in over 70 markets around the world.

Shares in Avon Technologies closed at 2,400p in London on Monday, up about 2.8% on the day. Analysts expect earnings of 0.61 per share for the year just ended, according to market data.