2021 has regretfully been a challenging year for Avon Protection and our stakeholders, however we have taken decisive action to address the body armor issues and refocus the Group as a global leader in respiratory and head protection.
Our body armor business has been impacted by first article testing failures for the legacy DLA ESAPI product in December 2020, and the next-generation Vital Torso Protection (VTP) product in November 2021. In response to these unexpected events, the Board has undertaken a strategic review of our armor business and concluded that an orderly wind-down of the body and flat armor business to fulfil our existing body and flat armor customer commitments is in the best interest of our stakeholders as a whole.
This is clearly a disappointing outcome which will impact a number of our stakeholders, however this decisive action refocuses the Group and the executive team on growing our world leading positions in respiratory and head protection. While naturally overshadowed by events in armor, we have made significant further progress in these businesses with significant levels of investment to further underpin our position as a leading provider of respiratory and head protection systems for Military and First Responder customers.
Our strategy remains focused around three core strategic pillars:
- Growing the core by maximising organic sales growth from our current product portfolio
- Pursuing selective product development to maintain our innovation leadership position
- Targeting value enhancing acquisitions to complement our existing businesses and add additional growth opportunities for the Group
This strategy is designed to grow revenue by supplying a wider range of products to our existing customers, as well as broadening our global customer base.