Avon Protection plc – Annual report – 1 October 2022
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 U.S. and U.K. 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 $10.9 million (2021: $19.1 million), further details of which are contained in the Strategic Report on page 59.
FINANCIAL REVIEW (extract page 59)
Research and development expenditure
In line with our strategy to maintain our technology leadership positions we continue to invest in our portfolio of products. Total investment in research and development (capitalised and expensed) amounted to $10.9 million (2021: $19.1 million), of which $6.0 million (2021: $7.8 million) related to our respiratory portfolio, and $4.9 million (2021: $5.4 million) to the development of our head protection portfolio. Total research and development as a percentage of revenue was 4.0% (2021: 7.7%), with the decrease following cessation of armor related development, which amounted to $5.9 million in FY21.
Within respiratory, investment centred around the development of the EXOSKIN range of boots and gloves, and improvements to the supplied air ST54 tactical self-contained breathing apparatus.
Development expenditure for the head protection portfolio has focused on the NG IHPS and ACH GEN II programmes.
Strategic Report (extract 1)
Strategic Report (extract 2)
PROGRESS ON OUR STRATEGY (extract)