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Transition of Ballistic Protection business and Team Wendy

Our priority over the past year has been on the integration of the new businesses into Avon Protection. Our fully aligned management structure, through our Executive Leadership Team, is well established and has been augmented, as we integrate our U.S. businesses into a standardised platform.

This year we have completed the transfer of the 3M ballistic protection business onto Avon Protection IT and finance systems, and at the same time expanded senior management in this area to support the business for the growth ahead. Our processes across research and development, including product testing protocols, have been aligned in order that the businesses can work together effectively and share best practice.

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While our current focus is on maximising the potential of our existing businesses, we will continue to explore further acquisition opportunities where we see potential to deliver significant strategic and financial value against our clear criteria. Our strong balance sheet supported by our $200 million bank debt facility and cash generation capability leave us well positioned to pursue potential acquisitions that meet our criteria.