Avon Technologies Plc’s (LSE:AVON) 2025 full-year investor update highlights a year of stronger-than-expected financial results, record order intake, and solid operational momentum as the group nears completion of its multi-year transformation programme. Revenue grew 14% with operating profit up 31% to $40.3 million, supported by improved productivity, lower scrap rates, and stronger inventory turns driven by the company’s proprietary Strengthened System. The order book rose 16% to an all-time high of $263 million, providing robust visibility into FY26 across helmets, respirators, naval protection, and integrated CBRN solutions. Avon Protection delivered significant growth in international demand and margins, while Team Wendy advanced helmet production, expanded military and law-enforcement sales, and continued to improve profitability following the US factory consolidation. The group reported strong EBITDA conversion, 90% cash conversion, ROIC of 18.6%, and net leverage below 0.9x despite increased R&D investment and capital expenditure. Management reaffirmed its growth strategy focused on innovation, new product development, enhanced manufacturing efficiency, and selective M&A to complement organic expansion. With defence spending rising globally and demand increasing for advanced respiratory protection, rebreathers, and next-generation helmets, Avon Technologies expects high-single-digit revenue growth in FY26 and operating margins within its 14–16% target range. The company has now met or exceeded nearly all of its 2027 financial targets ahead of schedule, underpinned by a strong order pipeline, expanding market share, and continued operational excellence.