Manufacturer swings into profit after tough start to the year
Manufacturer Avon Protection has swung into a profit thanks to a strong second half of the year.
The Wiltshire company made a profit before tax of £724,000 compared to a loss of £2.25m last year.
Revenue was down 3.9 per cent to just over £93m according to the firm’s preliminary results.
Avon Protection manufactures rubber products including gas masks for governments around the world.
Chief executive Jos Sclater said: “Avon Protection is a business with strong foundations and extraordinary potential.
“We have moved fast to develop our new STAR strategy and have already taken meaningful steps forward, focusing initially on strengthening the fundamentals with a view to building short term momentum.
“In addition, we have developed strategic initiatives to further improve the business over the medium term to accelerate growth, improve margins and returns on capital, and protect more lives through the sale of our innovative products.”
He added: “Revenue during the first half was below our expectations, but a better second half is supported by the strong order book, the steps we have already taken to strengthen the factories focused on shipping the first lots of NG IHPS helmet to the U.S. DOD and the discontinuation of our armour business.
“During the last four months we have increased the pace of change, so I would like to thank everybody across the business for their help and determination to realise our full potential. I am confident that, together, we are setting Avon Protection up for a successful future.”