Strong overall financial performance
Group revenue of $160.8m, up ~6.8% YoY; adjusted operating profit $24.4m (margin 15.2%, >300bps improvement); operating profit up 39% and adjusted EPS $0.564, up >45% (constant currency). Dividend increased 6.6% to $0.081 per share.
Exceptional ROIC and leverage
ROIC improved by ~450 basis points to 20.8%, comfortably above the 2026 target (>17%); net debt/EBITDA ~0.9x, indicating a strong balance sheet and financial optionality.
Avon Protection outperformance
Avon Protection revenue +23% to $92.9m; adjusted operating profit $20.7m, up 44.8%, delivering a >22% operating margin in H1. Order book for Avon $112m and record-high pipeline; secured notable contract wins including a $13m Middle East filter order and a post-period $14m sole‑source DoW filter award.
Robust order book and pipeline
Group closing order book ~ $220m providing confidence for H2; Avon framework expansion (NSPA mask purchases increased to 16) and boots/gloves contract ceiling increased 50%, adding multi-year visibility into FY27 and beyond.
Transformation and productivity gains
Transformation nearly complete with measurable operational improvements: group average labor productivity up 44% since targets launched (vs 35% goal); historical scrap reduction >60%; Cleveland factory ramp achieved contractual rates; preventative maintenance program improving machine reliability.
Balance sheet & cash management actions
Average inventory turns at 3x; pension accounting deficit materially reduced with a post-period GBP 3m contribution; revolving credit facility extended to 2029. Management expects full-year cash conversion >80% (H1 timing issue explained).
Product and program momentum
Multiple product/market wins and innovations: MITR certifications and Canadian contract, upcoming digital Voice Projection Unit (auto‑tuning across mask types), HMI CBRN Innovation Prototype Award, SCBA European certification pending, new RECON and EXFIL Endurance helmets, and continued rebreather program activity.