Avon Technologies plc – Annual report – 30 September 2024
Industry: manufacturing
Directors’ Report (extract)
Research and development
The Group continues to utilise its technical and materials expertise to remain at the forefront of innovative technology and produce specialist products and services to maximise the performance and capabilities of its customers. The Group maintains its links to key universities in the US and UK and continues to work with new and existing customers and suppliers to develop its knowledge and product range. Total Group expenditure on research and development in the year was $11.4m (2023: $10.2m), further details of which are contained in the Strategic Report on page 39.
Financial Review (extract page 39)
Research and development expenditure
Total investment in research and development (capitalised and expensed) was $11.4m (2023: $10.2m), in line with the prior period as a percentage of revenue. Excluding amortisation and impairment, we have seen an increase in costs expensed to the P&L and lower levels of capitalisation following completion of NG IHPS and ACH Gen II helmet development.
Avon Protection expenditure has primarily focused on completing the development of the Modular Integrated Tactical Respirator (MITR), whilst Team Wendy expenditure has been focused on development of RifleTech, a new ballistic helmet model. Spend on these projects has been expensed following assessment of technical progress and evidence for commercial viability.
Accounts examples 