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OFFON
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    AVON   GB0000667013

AVON PROTECTION PLC

(AVON)
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Avon Protection plc Confirms the U.S. Defense Logistics Agency Has Exercised the First of the Two One-Year Extension Options Under the DLA Enhanced Small Arms Protective Inserts Body Armor Contract

09/24/2021 | 02:00am EDT

Avon Protection plc confirmed the U.S. Defense Logistics Agency has exercised the first of the two one-year extension options under the DLA Enhanced Small Arms Protective Inserts body armor contract. The exercise of this initial option extends the contract to 22 September 2022 and triggers a minimum order value for the option year of $19 million. The exercise of the option also triggers a further $3 million of contingent consideration payable to 3M under the terms of the acquisition of the Ceradyne ballistic protection business, as announced on 7 August 2019. This brings the total contingent consideration payable to date to $7 million. Additional contingent consideration will become payable on receipt of further orders in excess of the minimum order value of $19 million, with the maximum total contingent consideration payable to 3M being $25 million. First article testing has progressed in line with the Company's expectations and formal product approval for the DLA ESAPI body armor is expected to be received during the first quarter of 2022 financial year, with initial shipments expected during the second quarter.


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Analyst Recommendations on AVON PROTECTION PLC
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Financials
Sales 2021 183 M 251 M 251 M
Net income 2021 4,51 M 6,20 M 6,20 M
Net Debt 2021 43,0 M 59,0 M 59,0 M
P/E ratio 2021 -629x
Yield 2021 1,63%
Capitalization 617 M 850 M 849 M
EV / Sales 2021 3,61x
EV / Sales 2022 2,73x
Nbr of Employees 870
Free-Float 95,6%
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 2 012,00 GBX
Average target price 2 617,83 GBX
Spread / Average Target 30,1%
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Managers and Directors
Paul McDonald Chief Executive Officer & Director
Bruce Mckenzie Thompson Chairman
Michael Hamner Vice President-Operations
Chloe P. Ponsonby Senior Independent Non-Executive Director
Bindi Jayantilal Jivraj Foyle Independent Non-Executive Director
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