olivLaw · European equity research
Avon Technologies plc AVON.L
United Kingdom · London Stock Exchange · ISIN GB0000667013 · Vertical: Listed companies from United Kingdom
Avon Technologies plc is a UK-based technology company headquartered in England and Wales whose statutory profit after tax for the year ended 30 September 2025 rose from the prior year. The company reports in US dollars and has set performance targets for fiscal 2026 tied to earnings per share, return on invested capital and total shareholder return.
At the close of 05 Nov 2026, Avon Technologies plc (AVON.L) stock was 23.80 GBP (−1.65% on the day), with beta 0.35, 52-week range 15.20–25.65 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.6
- strong (55–70)
- Bollinger (20, 2)
- 22.95 – 25.65
- in the lower half of the band · %B 0.32 · band width 11.1%
- SMA 50 / 200
- 20.72 / 18.37
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.12 / 1.35
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +24.7% | +0.4% | +24.4 pp | — |
| 3 months | +24.2% | −3.3% | +27.5 pp | — |
| 6 months | +38.1% | +4.0% | +34.1 pp | — |
| Year to date | +31.2% | +8.1% | +23.1 pp | — |
| 1 year | +26.6% | +10.7% | +15.9 pp | +5.8% |
| 3 years | +180.3% | +50.1% | +130.2 pp | +23.3% |
| 5 years | +22.4% | +43.6% | −21.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 243.8 m | 275.0 m | 313.9 m |
| Revenue YoY | unavailable | +12.8% | +14.1% |
| Net income | -14.4 m | 3.0 m | 10.3 m |
| Net income YoY | unavailable | unavailable | +243.3% |
| Diluted EPS | -0.48 | 0.10 | 0.34 |
| Diluted EPS YoY | unavailable | unavailable | +246.4% |
| net % | -5.9% | 1.1% | 3.3% |
| Free cash flow | -300.0 k | 43.3 m | 19.3 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 13.4 m USD
- Financial debt
- 2.8 m USD
- Net debt
- -10.6 m USD
- Equity
- 166.7 m USD
- Total assets
- unavailable USD
- Debt / equity
- 0.02x
- Current ratio
- 2.39x
- ROE
- 6.2%
- ROA
- unavailable
- FCF margin
- 6.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 243.8 m | 275.0 m | 313.9 m | esef· 16 Dec 2025verified |
| Cost of revenue | 157.9 m | 169.2 m | 185.2 m | esef· 16 Dec 2025verified |
| Gross profit | 85.9 m | 105.8 m | 128.7 m | esef· 16 Dec 2025verified |
| Research & development | 10.2 m | 14.1 m | 13.7 m | esef· 16 Dec 2025verified |
| Operating income | -12.6 m | 10.7 m | 19.2 m | esef· 16 Dec 2025verified |
| Pre-tax income | -20.2 m | 2.3 m | 13.1 m | esef· 16 Dec 2025verified |
| Income tax | -3.8 m | -700.0 k | 2.8 m | esef· 16 Dec 2025verified |
| Net income | -14.4 m | 3.0 m | 10.3 m | esef· 16 Dec 2025verified |
| Diluted EPS | -0.48 | 0.10 | 0.34 | esef· 16 Dec 2025verified |
| Dividend per share | 0.45 | 0.23 | 0.25 | esef· 16 Dec 2025verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 13.2 m | 14.0 m | 13.4 m | esef· 16 Dec 2025verified |
| Receivables | 58.3 m | 36.9 m | 51.9 m | esef· 16 Dec 2025verified |
| Inventories | 54.4 m | 54.9 m | 55.5 m | esef· 16 Dec 2025verified |
| Current assets | 126.2 m | 106.3 m | 121.2 m | esef· 16 Dec 2025verified |
| Property, plant & equipment, net | 35.8 m | 43.7 m | 42.3 m | esef· 16 Dec 2025verified |
| Short-term debt | 4.3 m | 3.9 m | 2.8 m | esef· 16 Dec 2025verified |
| Current liabilities | 40.0 m | 46.9 m | 50.8 m | esef· 16 Dec 2025verified |
| Equity | 159.4 m | 166.5 m | 166.7 m | esef· 16 Dec 2025verified |
| Shares outstanding at year end | 30.0 m | 30.0 m | 29.5 m | esef· 16 Dec 2025derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 7.1 m | 53.9 m | 27.4 m | esef· 16 Dec 2025verified |
| Capex | 7.4 m | 10.6 m | 8.1 m | esef· 16 Dec 2025verified |
| Free cash flow | -300.0 k ≈ | 43.3 m ≈ | 19.3 m ≈ | esef· 16 Dec 2025derived |
| Investing cash flow | -2.6 m | -9.5 m | -8.1 m | esef· 16 Dec 2025verified |
| Financing cash flow | -800.0 k | -43.7 m | -19.9 m | esef· 16 Dec 2025verified |
| Dividends paid | 13.4 m | 6.8 m | 7.2 m | esef· 16 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.23 – 7.21 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E3.98 – 7.21 (Mid 5.15)18 companies used · median multiple 15.3x · quartiles 11.8x – 21.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APN.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)3.23 – 4.35 (Mid 3.71)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.7% | 33 (vs peers) | 33% |
| Net margin · Quality | 3.3% | 34 (vs peers) | 20% |
| FCF conversion · Quality | 187.4% | 100 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 37.3% | 100 (on a fixed band) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality52/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AVON TECHNOLOGIES PLC (AVON.L). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 313.9 m USD in 2025; YoY growth 14.1%; net margin 3.3%; ROE 6.2%.
The estimated value range is 3.61–5.78 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 187.4%
- Current ratio: 2.4x
- Payout ratio (FCF): 37.3%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for AVON.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Avon Technologies plc is a UK-based technology company headquartered in England and Wales whose statutory profit after tax for the year ended 30 September 2025 rose from the prior year. The company reports in US dollars and has set performance targets for fiscal 2026 tied to earnings per share, return on invested capital and total shareholder return.
SWOT
Strengths
- The company reported a positive profit after tax and increased its total dividend per share, showing its ability to generate results and reward shareholders 1.
- The governance and remuneration structure is explicitly linked to clear financial indicators, such as adjusted operating profit and return on invested capital 1.
- The company maintains steady investment in research and development, which may support long-term technological differentiation 1.
Weaknesses
- Staff costs represent a significant part of expenditure, and their growth could reduce margins if revenues do not grow at the same pace 1.
- Reliance on a small group of executive directors for strategic leadership may expose the company to succession risks, as the leadership changes noted in the report suggest 1.
- The source does not provide a complete breakdown of revenue by segment, which limits the assessment of growth sources in each business line 1.
Opportunities
- If operational efficiency improves, the company could strengthen return on invested capital and reach the targets set for fiscal 2026 1.
- Continued research and development investment could open new product and market opportunities, particularly if these investments convert into revenue 1.
- If total shareholder return grows, the company could attract investors interested in long-term value creation 1.
Threats
- Wage pressure in the UK may raise operating costs and reduce profitability if not offset by productivity gains 1.
- Share performance depends on UK capital markets, and a decline in benchmark indices could affect incentive values and investor sentiment 1.
- Reduced capital investment could limit the company's ability to modernise its assets if this trend continues 1.
Risks
- Dependence on share price performancemedium
Management's long-term incentives depend on total shareholder return relative to UK indices, so results are sensitive to market movements 1.
- Pressure from staff costsmedium
Rising staff and executive salary costs could reduce margins if not offset by revenue growth or productivity gains 1.
- Execution risk on targetsmedium
Reaching the earnings per share and return on capital thresholds depends on operating conditions that may evolve differently from expectations 1.
- Leadership succession risklow
Frequent changes in executive leadership noted in the remuneration report may create uncertainty about strategic continuity 1.
- Risk of reduced investmentlow
A fall in capital expenditure could over time affect the company's ability to maintain and develop its operating infrastructure 1.
Investment thesis
What would need to be true (bull case)
- If profit grows and operational efficiency improves, the company could exceed the performance thresholds set for long-term incentives and could support rising dividends 1.
- Ongoing research and development investment could produce new products that lift revenues over the medium term, particularly if costs are kept under control 1.
- Aligning management with targets such as return on invested capital and total shareholder return could encourage financial discipline and value creation 1.
What would break the thesis
- If wage pressure persists without matching revenue growth, margins could decline and limit the capacity to reinvest 1.
- Lower capital expenditure could signal limited growth capacity if it is not followed by projects that offset the effect on assets 1.
- Because share performance is tied to UK indices, a period of market decline could reduce incentive values and weigh on investor confidence 1.
What to watch
- Achievement of the earnings per share and return on invested capital targets for the fiscal 2026 incentive plan2028
- Trend in staff costs and operating margins relative to revenue growthnext 10-K
- Level of research and development spending and results of the products it produces2027
- Dividend policy and total shareholder return compared with UK indicesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Avon Technologies plc is a public limited company incorporated and domiciled in England and Wales, leading a group with subsidiaries that include operations outside the UK. According to the annual report for the year ended 30 September 2025, the company adopted a calendar year end to align with most listed peers and certain subsidiaries. It has not issued new shares in the last ten years, and treasury shares are held through a trust for employee incentive plans 1.
The share capital consists of one class of ordinary shares of one pound each, with one vote per share. As at 11 November 2025 the company had 30,258,194 shares in issue, a portion of which were held in treasury 1. The employee share ownership trust held 944,810 shares at 30 September 2025, and shares held in the trust do not receive dividends 1.
The executive pay policy shows the strategic priorities of the company: annual bonuses depend on adjusted group operating profit, average inventory turns and strategic objectives, while long-term incentives are based on earnings per share, return on invested capital and total shareholder return 1. The weighting of these criteria shows that management is pursuing both operational efficiency and shareholder value creation.
Segments
Staff costs and research and development
Total group expenditure on pay and associated costs reached 99.1 million USD in fiscal 2025, and research and development expenditure rose to 13.5 million USD 1. The rise in R&D spending suggests innovation remains a priority for the company.
Market context
The annual report does not provide a detailed market analysis, but it confirms that the company's shares are listed in London and that this listing brings reporting and corporate governance requirements aligned with UK market standards 1. The company benchmarks shareholder returns against UK indices such as the FTSE Small Cap and FTSE 250 1.
The company's remuneration framework references the same UK market benchmarks, meaning the relative performance of the shares directly influences the value of management's long-term incentives 1. The competitive market in which the group operates is not described directly in the analysed source.
Trends
- Focus on returns and efficiencytailwind
Long-term incentive targets for fiscal 2026 include higher thresholds for earnings per share and return on invested capital, pointing to sustained pressure for operational efficiency 1. Whether these thresholds are reached depends on future performance.
- Pressure on staff costsheadwind
Staff costs rose compared with the prior year, while executive salaries will increase by 3.5 percent in fiscal 2026, in line with the average UK workforce increase 1. Rising wage costs could weigh on margins if not offset by higher revenues.
- Investment in research and developmentmixed
The rise in research and development spending shows the company continues to invest in products and technology, which may support its long-term position but carries higher short-term costs 1.
- Lower capital investmentmixed
The decline in other capital expenditure may reflect financial prudence or the postponement of projects, and the effect on future growth depends on company plans that are not detailed in the analysed source 1.
Competitive position
The analysed source, which covers the annual report and remuneration sections, does not explicitly name the company's competitors. Performance is compared with broader UK stock indices rather than named rival companies 1.
Without a list of competitors in the available materials, an assessment of the company's competitive position cannot be completed from the sources. Any comparison with other sector players would require additional data from outside this document.
- FTSE Small Cap index
UK benchmark index used by the company to compare total shareholder return, not a direct competitor.
- FTSE 250 index
UK mid-cap index used as a share price reference, not a direct competitor.
- FTSE All-Share index
Broad UK index used as a market reference in the remuneration report, not a direct competitor.
- Other London-listed issuers
Listed companies in the same sector, which the source mentions only in terms of matching calendar year ends, without naming them.
News & filings
In the press
- Producătorul de bere artizanală Zăganu intră pe piaţa cosmeticelor alături de un fost executiv de la Avon. „Malţul de bere merită o a doua viaţă“Ziarul Financiar · 30 Oct 2026 · RO
- ‘Contract between humans and river’: Bristol Avon’s rights enshrined in charterThe Guardian World · 28 Sept 2026 · EN
- В «Арнест ЮниРусь» объяснили смысл сделки с AvonKommersant (RU) · 02 Jun 2026 · RU
Annual reports (ESEF)
- Annual report 202516 Dec 2025
- Annual report 202418 Dec 2024
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Avon Technologies plc · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.