2019 Annual Report

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2019 Annual Report A transformed outlook ANNUAL REPORT AND ACCOUNTS 2019 Avon Rubber p.l.c. | Annual Report & Accounts 2019 56 6 Focusing on our people Active trials with MCM100 underwater rebreather Avon Rubber is an innovative technology group which designs and produces specialist products and services to maximise the performance and capabilities of its customers. We have transformed the business by delivering against our strategic priorities of growing the core, selective product development and value enhancing acquisitions. 4 22 $340m new contracts Market Review of the with M53A1 and M69 milkrite | InterPuls division and its progress during the year Overview Strategic Report Governance Financial Statements Other information 1 For the latest investor relations information, go to our website at: www.avon-rubber.com/investors Contents Group Highlights Overview 1 Group Highlights 2 At a Glance £181.9m £40.4m £179.3m £173.3m £37.8m £165.5m 10 Why Invest in Avon Rubber? £166.0m £159.2m 12 Chairman’s Statement £30.0m Strategic Report 16 Our Business Model 18 Our Product Portfolio 20 Avon Protection Market 22 milkrite | InterPuls Market ‘17 ‘18 ‘19 ‘17 ‘18 ‘19 ‘17 ‘18 ‘19 24 Delivering on Our Strategy Orders received Closing book order Revenue 28 How We Measure Our Performance 30 Chief Executive Officer’s Review 36 Avon Protection Review £181.9m £40.4m £179.3 m 38 milkrite | InterPuls Review 40 Financial Review 46 Principal Risks and Risk Management 52 Environment and Corporate Social Responsibility £31.3m £22.8m £46.5m £48.3m £20.1m £26.1m £27.3m Governance 62 Board of Directors £14.4m 64 Corporate Governance Report £24.7m 68 Nomination Committee Report 69 Audit Committee Report 73 Remuneration Report 90 Directors’ Report ‘17 ‘18 ‘19 ‘17 ‘18 ‘19 ‘17 ‘18 ‘19 Adjusted operating profit Operating profit Net cash Financial Statements 96 Independent Auditors’ Report 104 Consolidated Statement £31.3 m £14.4 m £48.3m of Comprehensive Income 105 Consolidated Balance Sheet 106 Consolidated Cash Flow Statement 107 Consolidated Statement 91.7p 71.6p 20.83p of Changes in Equity 83.8p 64.9p 108 Accounting Policies and Critical 77.1p 16.02p Accounting Judgements 46.9p 114 Notes to the Group 12.32p Financial Statements 143 Parent Company Balance Sheet 144 Parent Company Statement of Changes in Equity ‘17 ‘18 ‘19 ‘17 ‘18 ‘19 ‘17 ‘18 ‘19 145 Parent Company Accounting Policies Adjusted basic earnings Basic earnings Dividend 147 Notes to the Parent Company per share Financial Statements per share per share 151 Five Year Record 152 Glossary of Financial Terms 91.7p 46.9p 20.83p 153 Abbreviations Other Information 154 Notice of Annual General Meeting 160 Shareholder Information A full glossary of terms is available on page 152. A reconciliation of Operating Profit to Adjusted Operating Profit and Profit for the Year to Adjusted Profit for the Year is available in note 2.2 of the financial statements. 2 Avon Rubber p.l.c. | Annual Report & Accounts 2019 At a Glance We specialise in Chemical, Biological, Radiological and Nuclear (‘CBRN’) respiratory protection systems, as well as milking point solutions through our two businesses 72% 28% OF REVENUES OF REVENUES Avon Protection is the recognised global milkrite | InterPuls is a global leader providing leader in advanced Chemical, Biological, complete milking point solutions to dairy Radiological and Nuclear (CBRN) respiratory farmers across the world with the aim protection systems for the world’s Military, of improving every farm it touches. Law Enforcement and Fire markets. 262 2,117 Agents & Distributors Agents & Distributors More information on Page 18 More information on Page 18 Overview Strategic Report Governance Financial Statements Other information 3 Avon Protection milkrite | InterPuls Key USA USA milkrite | InterPuls – Cadillac – Johnson Creek Avon Protection – White Marsh – Modesto Distribution countries U.K. Italy – Melksham – Albinea – Poole U.K. – Melksham Brazil – Castro China – Shanghai 800 9 90+ EMPLOYEES SITES COUNTRIES Rest of World 21% North America £38.0m 60% Revenue split £106.6 m by destination Europe £34.7m 19% 4 Avon Rubber p.l.c. | Annual Report & Accounts 2019 Growing the core M53A1 and M69 New sole-source contracts to supply the DOD with the M53A1 and M69 come from demonstrating our capability of collaborative development. Key collaborative development programmes with the U.S. Department of Defense (DOD) for both the M53A1 mask and powered air system and M69 aircrew mask, are exceptional examples of our 5 year contracts totalling leading development capabilities. The contracts M69 Aircrew Mask were awarded in the first half of the year with initial deliveries dispatched in the second half. The M69 aircrew mask has been $340m specifically developed to meet These contracts solidify our position as the principal the unique requirements of choice with the U.S. DOD for CBRN respiratory protection aircrew wearers who require with four major branches of the DOD using our products CBRN respiratory protection including the Army, Navy, Air Force and Marine Corps. at all altitudes up to 40,000ft We continue to pursue a number of other identified (12,000m). It was developed for opportunities with the U.S. DOD and Rest of World use on 10 U.S. DOD fixed wing Military customers, both to extend our portfolio airframes, with potential to add further and broaden our customer base. more aircraft in the future and to sell to other allied Rest of World (RoW) militaries. For more information, go to our website at: www.avon-rubber.com/investors/ Overview Strategic Report Governance Financial Statements Other information 5 M53A1 Mask and Powered Air System A technical evolution of the 50 series mask platform, the M53A1 mask and powered air system is a modular platform that was specifically designed to meet the unique requirements of Special Mission Units while providing them with maximum operational flexibility. 6 Avon Rubber p.l.c. | Annual Report & Accounts 2019 Selected product development MCM100 Avon Protection continues to remain at the forefront of technology with the MCM100 underwater rebreather, a high performance, deep diving, air and mixed gas, electronically controlled rebreather. Development expenditure in the year has predominantly focused on Avon Protection, with significant investment in the continued development of the MCM100. We launched our MCM100 deep-water rebreather in 2018 and completed the first large order from the Norwegian Military during this year. 87units DELIVERED IN 2019 The MCM100 has opened up a significant number of new opportunities with the U.S. DOD, European and Rest of World Militaries and we have had an active year of dive trials and supplied a number of evaluation units, which has enabled us to demonstrate our leading next generation technology to this demanding user group of military divers. Our MCM100 underwater rebreather specialises in long endurance and deep dive operations. The system ensures maximum user capability during a range of military or tactical diving disciplines, such as mine clearance or explosive disposal. For more information, go to our website at: www.avon-rubber.com/investors/ Overview Strategic Report Governance Financial Statements Other information 7 Pioneering innovation in military rebreather technology... Safety critical Fully electronically controlled Fast deployment capability Multiple redundancy pathways have Our 'smart' rebreather ensures user Automated pre-dive sequence and been integrated into the system to operation is at its simplest. Command breath detection allows users to rapidly ensure user safety during all operations. based actions are generated to direct the set up the system. Users, if necessary, can operate the user to an immediate solution above and system manually. below the water. 8 Avon Rubber p.l.c. | Annual Report & Accounts 2019 Value enhancing acquisitions 3M’s ballistic protection business Milestone transaction for Avon Rubber; in line with our strategy and acquisition criteria. In August we signed an agreement to acquire 3M's Global opportunity ballistic protection business and the rights to the Avon Protection's established and growing customer Ceradyne brand. base in Rest of World Military and Law Enforcement Operating primarily from three sites in the U.S. with markets, ensures there is a clear opportunity to approximately 280 employees, the business is a leading accelerate the business's non-U.S. Military sales as well provider of next generation armour solutions, and is a as approaching potential new customers with a wider trusted supplier to U.S. and Rest of World Military and product range. Law Enforcement customers. We are delighted to have identified an opportunity that fits Customer 2018 revenue our clear commercial and financial criteria, with a strong U.S. Military 90% cultural fit. The acquisition is expected to close in the Rest of World Military 4% Law Enforcement 6% $ m first half of the Group's 2020 financial year, subject to U.S. 85.4 regulatory approvals and customary closing conditions. Product 2018 revenue Helmets 58% Body Armour 33% Flat Armour 9% $85.4m For more information, go to our website at: www.avon-rubber.com/investors/ Overview Strategic Report Governance Financial Statements Other information 9 The business is a leading provider of next generation armour, including ballistic helmets and body armour plates to the U.S. DOD Soldier Protection System. Ballistic helmets Body armour plates Flat armour Customisable, lightweight Body armour solutions Rotary wing ballistic helmets for consisting of ceramic and protection systems. Military and Law composite components. Enforcement customers. 10 Avon Rubber p.l.c. | Annual Report & Accounts 2019 Why Invest in Avon Rubber? We have a clear strategy to generate long-term earnings growth through maximising the opportunity from our current portfolio and selective product development to maintain our technology leadership position. Our strong financial position and cash generation will allow us to enhance the returns from our organic strategy with additional value enhancing acquisitions, whilst maintaining a progressive dividend policy.
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