Avon Technologies plc

AVON · Main Market · Industrial Goods and Services · mcap £686m · 2350.0p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 13 May 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £693.1m
Owner’s net cash: −£60.7m
Net cash / market cap: -9%
EV ex leases: £753.7m
Revenue: £243.6m
Operating profit: £22.2m
Free cash flow after leases: £10.8m
EV / EBIT: 34.0×
FCF yield: 1.6%
Price / tangible book: 5.15×
Net income (owners): £13.7m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 Mar 26 (six months to 31 Mar 26), published 13 May 26 · read the results ↗

Source ↗

	2026 Adjusted $m	2026 Adjustments $m	2026 Total $m	2025 Adjusted $m	2025 Adjustments $m	2025 Total $m
Revenue	160.8	-	160.8	148.7	-	148.7
Cost of sales	(93.3)	-	(93.3)	(89.9)	(1.0)	(90.9)
Gross profit	67.5	-	67.5	58.8	(1.0)	57.8
Sales and marketing expenses	(10.6)	-	(10.6)	(9.1)	-	(9.1)
Research and development costs	(6.3)	(0.2)	(6.5)	(4.8)	(1.7)	(6.5)
General and administrative expenses	(26.2)	(7.7)	(33.9)	(27.4)	(8.6)	(36.0)
Operating profit	24.4	(7.9)	16.5	17.5	(11.3)	6. 2
Net finance costs	(2.6)	(0.4)	(3.0)	(2.7)	(0.4)	(3.1)
Profit before taxation	21.8	(8.3)	13.5	14 .8	(11.7)	3.1
Taxation	(5.2)	2.0	(3.2)	(3.3)	2.6	(0.7)
Profit for the period	16.6	(6.3)	10.3	11.5	(9.1)	2.4
Profit for the period	10.3	2.4	–	–	–	–
Other comprehensive income/(expense)
Items that are not subsequently reclassified to the income statement
Remeasurement gain recognised on retirement benefit scheme	5.2	5.7	5.7	–	–	–
Deferred tax relating to retirement benefit scheme	–	–	(1.9)	–	–	(2.0)
Items that may be subsequently reclassified to the income statement
Net exchange differences offset in reserves	–	–	(0.8)	–	–	0.7
Other comprehensive income for the period	–	–	3.0	–	–	4.4
Total comprehensive income for the period	–	–	13.3	–	–	6.8
Earnings per share (cents)
Basic	–	–	35.0c	–	–	8.1c
Diluted	–	–	33.6c	–	–	7 .7c

Source ↗

	31 March 2026 $m	31 March 2026 $m	30 Sept 2025 $m
Assets
Non-current assets
Intangible assets	3.1	110.9	115.4
Property, plant and equipment	3.2	43.1	42.3
Finance leases	3.3	4. 0	4.5
Deferred tax assets	26.2	31.4	–
Total non-current assets	184.2	193.6	–
Current assets
Inventories	59.1	55.5	–
Trade and other receivables	56.4	51.9	–
Current tax receivables	0.4	0.4	–
Cash and cash equivalents	11.5	13.4	–
Total current assets	127.4	121.2	–
Liabilities
Current liabilities
Borrowings	4.1	2 .7	2.8
Trade and other payables	31.3	41.7	–
Provisions for liabilities and charges	5.1	4.8	6.3
Total current liabilities	38.8	50.8	–
Net current assets	88.6	70.4	–
Non-current liabilities
Borrowings	4.1	83.0	78.6
Retirement benefit obligations	5.2	5.7	13.8
Provisions for liabilities and charges	5.1	6.7	4.9
Total non-current liabilities	95.4	97.3	–
Net assets	177.4	166.7	–
Shareholders' equity
Ordinary shares	4.4	50.3	50.3
Share premium account	4.4	54.3	54.3
Other reserves	(16.0)	(15.2)	–
Retained earnings	88.8	77.3	–
Total equity	177.4	166.7	–

Source ↗

	2026 $m	2026 $m	2025 $m
Cash flow from operating activities
Cash flow from operations	5.3	8.0	6.5
Retirement benefit deficit recovery contributions	5.2	(3.3)	(3.0)
Tax payments	(0.2)	-	–
Net cash flow from operating activities	4.5	3.5	–
Cash flow used in investing activities
Purchase of property, plant and equipment 1	3.2	(2.9)	(2.8)
Capitalised development costs and computer software (0.7) 0	3.1	(0.8)	–
Bank interest income	4.3	0.1	0.1
Finance lease interest	0.1	0.3	–
Finance lease capital receipts	0.5	0.5	–
Net cash used in investing activities	(3.0)	(2.6)	–
Cash flow used in financing activities
Proceeds from loan drawdowns	4.2	15.0	17.5
Loan repayments	4.2	(9.0)	(10.5)
Finance costs paid in respect of bank loans and overdrafts	4.3	(2.2)	(2.1)
Finance costs paid in respect of leases	4.3	(0.5)	(0.5)
Repayment of lease liability	(1.8)	(2.2)	–
Purchase of own shares - Long-Term Incentive Plan	-	(2.5)	–
Dividends paid to shareholders	4.5	(4.9)	(4.9)
Net cash used in financing activities	(3.4)	(5.2)	–
Net decrease in cash and cash equivalents	(1.9)	(4.3)	–
Cash and cash equivalents at beginning of the period	13.4	14.0	–
Effects of exchange rate changes	-	(0.1)	–
Cash and cash equivalents at end of the period	11.5	9.6	–

Source ↗

	2025 $m	2024 $m
Revenue	313.9	275.0
Cost of sales	(185.2)	(169.2)
Gross profit	128.7	105.8
Sales and marketing expenses	(18.2)	(16.1)
Research and development costs	(13.7)	(14.1)
General and administrative expenses	(77.6)	(64.9)
Operating profit	19.2	10.7
Net finance costs	(6.1)	(8.4)
Profit before taxation	13.1	2.3
Taxation	(2.8)	0.7
Profit for the year	10.3	3.0
Other comprehensive income/(expense)
Items that are not subsequently reclassified to the income statement
Remeasurement (loss)/gain recognised on retirement benefit scheme	(0.9)	19.6
Deferred tax relating to retirement benefit scheme	0.2	(5.0)
Deferred tax relating to other temporary differences	0.3	0.1
Items that may be subsequently reclassified to the income statement
Deferred tax exchange differences offset in reserves	0.1	1.1
Other exchange differences offset in reserves	0.4	(2.9)
Cash flow hedges	-	(0.8)
Deferred tax relating to cash flow hedges	-	0.2
Other comprehensive income for the year	0.1	12.3
Total comprehensive income for the year	10.4	15.3
Earnings per share
Basic	34.9c	10.0c
Diluted	33.6c	9.7c

Source ↗

	2025 $m	2024 $m
Non-current assets
Intangible assets	115.4	126.4
Property, plant and equipment	42.3	43.7
Finance leases	4.5	5.4
Deferred tax assets	31.4	31.1
Total non-current assets	193.6	206.6
Current assets
Inventories	55.5	54.9
Trade and other receivables	51.9	36.9
Derivative financial instruments	-	0.2
Current tax receivables	0.4	0.3
Cash and cash equivalents	13.4	14.0
Total current assets	121.2	106.3
Current liabilities
Borrowings	2.8	3.9
Trade and other payables	41.7	36.4
Provisions for liabilities and charges	6.3	6.6
Total current liabilities	50.8	46.9
Net current assets	70.4	59.4
Non-current liabilities
Borrowings	78.6	75.5
Derivative financial instruments	-	0.2
Retirement benefit obligations	13.8	17.2
Provisions for liabilities and charges	4.9	6.6
Total non-current liabilities	97.3	99.5
Net assets	166.7	166.5
Shareholders' equity
Ordinary shares	50.3	50.3
Share premium account	54.3	54.3
Other reserves	(15.2)	(15.7)
Retained earnings	77.3	77.6
Total equity	166.7	166.5

Source ↗

	2025 $m	2025 $m	2024 $m
Cash flows from operating activities
Cash flows from continuing operations	4.1	33.4	58.8
Cash flows from discontinued operations	-	4.9	–
Cash flows from operations	4.1	33.4	63.7
Retirement benefit deficit recovery contributions	(6.0)	(9.1)	–
Tax paid	-	(0.7)	–
Net cash flows from operating activities	27.4	53.9	–
Cash flows used in investing activities
Purchase of property, plant and equipment 1	3.2	(8.1)	(10.6)
Capitalised development costs and purchased software	3.1	(1.5)	(0.6)
Bank interest income	4.3	0.2	0.3
Finance lease interest	4.3	0.3	0.4
Finance lease capital receipts	1.0	1.0	–
Net cash flows used in investing activities	(8.1)	(9.5)	–
Cash flows used in financing activities
Proceeds from loan drawdowns	34.5	100.5	–
Loan repayments	(28.5)	(120.7)	–
Finance costs paid in respect of bank loans and overdrafts	(4.6)	(6.5)	–
Finance costs paid in respect of leases	(1.1)	(0.9)	–
Repayment of lease liability	(3.9)	(4.3)	–
Dividends paid to shareholders	4.6	(7.2)	(6.8)
Purchase of own shares - Long-Term Incentive Plan	4.5	(9.1)	(5.0)
Net cash flows used in financing activities	(19.9)	(43.7)	–
Net (decrease)/increase in cash and cash equivalents	(0.6)	0.7	–
Cash and cash equivalents at the beginning of the year	14.0	13.2	–
Effects of exchange rate changes	-	0.1	–
Cash and cash equivalents at the end of the year	13.4	14.0	–

	LTM Mar 26	FY Sep 25	FY Sep 24
Revenue to operating profit
Revenue	243.6	240.5	217.0
Gross profit	103.5	98.6	83.5
Adjusted EBITDA	42.9	39.5	34.2
Adjusted operating profit	35.3	30.9	24.9
Operating profit	22.2	14.7	8.4
Operating profit to net income
Finance costs	–	(4.7)	(6.6)
Profit before tax	17.7	10.0	1.8
Tax	–	(2.1)	0.6
Net income (owners)	13.7	7.9	2.4
Per share
EPS basic	46.3p	26.0p	7.5p
EPS diluted	44.6p	25.0p	7.2p
Dividend per share	18.6p	18.3p	17.4p

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Revenue to operating profit
Revenue	120.1	+3%	123.5	117.0
Gross profit	50.4	+11%	53.1	45.5
Adjusted EBITDA	21.9	+19%	21.0	18.4
Adjusted operating profit	18.2	+32%	17.1	13.8
Operating profit	12.3	+153%	9.8	4.9
Operating profit to net income
Profit before tax	10.1	+313%	7.6	2.4
Net income (owners)	7.7	+307%	6.0	1.9
Per share
EPS basic	26.6p	–	19.7p	6.3p
EPS diluted	25.5p	–	19.1p	6.0p
Dividend per share	6.1p	–	12.4p	5.9p

	LTM Mar 26	FY Sep 25	FY Sep 24
Operating activities
Cash from operations	21.6	21.0	42.5
Tax paid	–	0.0	(0.6)
Investing activities
Capex (PP&E)	(6.2)	(6.2)	(8.4)
Capex (intangibles)	(1.2)	(1.1)	(0.5)
Financing activities
Lease principal paid	(2.6)	(3.0)	(3.4)
Lease interest paid	(0.8)	(0.8)	(0.7)
Dividends paid	(5.3)	(5.5)	(5.4)
Share buybacks	–	(7.0)	(3.9)

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Operating activities
Cash from operations	3.4	+22%	18.2	2.8
Tax paid	(0.1)	–	–	–
Investing activities
Capex (PP&E)	(2.2)	−2%	(4.0)	(2.2)
Capex (intangibles)	(0.6)	+8%	(0.6)	(0.6)
Financing activities
Lease principal paid	(1.3)	−22%	(1.3)	(1.7)
Lease interest paid	(0.4)	−5%	(0.4)	(0.4)
Dividends paid	(3.7)	−5%	(1.7)	(3.9)
Share buybacks	–	–	(5.0)	(2.0)

	31 Mar 26	30 Sep 25	30 Sep 24
Non-current assets
Other intangibles	–	85.9	94.4
Property, plant & equipment	32.7	31.5	32.7
Current assets
Inventories	44.9	41.3	41.0
Trade receivables	42.8	38.6	27.6
Cash	8.7	10.0	10.5
Current assets	96.7	90.2	79.4
Current liabilities
Trade payables	23.8	31.0	27.2
Borrowings, current	2.0	2.1	2.9
Current liabilities	29.5	37.8	35.0
Non-current liabilities
Borrowings, non-current	63.0	58.5	56.4
Pension surplus / (deficit)	(4.3)	(10.3)	(12.9)
Equity
Total equity	134.7	124.1	124.4
Net cash and other figures
Net cash / (debt) ex leases	(44.0)	(37.3)	(32.5)
Net cash / (debt) incl. leases	(56.3)	(50.6)	(48.9)
Order book	166.9	195.6	168.3

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Other intangibles	–	85.9	–	94.4
Property, plant & equipment	32.7	31.5	–	32.7
Current assets
Inventories	44.9	41.3	–	41.0
Trade receivables	42.8	38.6	–	27.6
Cash	8.7	10.0	–	10.5
Current assets	96.7	90.2	–	79.4
Current liabilities
Trade payables	23.8	31.0	–	27.2
Borrowings, current	2.0	2.1	–	2.9
Current liabilities	29.5	37.8	–	35.0
Non-current liabilities
Borrowings, non-current	63.0	58.5	–	56.4
Pension surplus / (deficit)	(4.3)	(10.3)	–	(12.9)
Equity
Total equity	134.7	124.1	–	124.4
Net cash and other figures
Net cash / (debt) ex leases	(44.0)	(37.3)	(42.4)	(32.5)
Net cash / (debt) incl. leases	(56.3)	(50.6)	(57.7)	(48.9)
Order book	166.9	195.6	190.9	168.3

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