Daily Banking News

Avon Protection PLC boosted by US defence order

Avon Protection PLC (LSE:AVON) is in demand after unveiling a US defence contract.

The company will supply its advanced combat helmet to the US Defense Logistics Agency in a deal worth a maximum of US$204mln over five years.

Chief executive Paul McDonald said: “This is another significant, multi-year helmet contract for Avon Protection, following the award for the U.S. Army next-generation Integrated Head Protection System…

“This contract helps underpin the medium-term outlook and visibility for Avon Protection and reflects the strength of our offering to both military and first responder customers globally.”

The company’s shares have climbed 6.89% or 76p to 1179p.

Also flying higher is Hummingbird Resources PLC (LSE:HUM).

The miner has added 5.77% to 13.75p after a positive update from the Dugbe gold project in Liberia, which is being developed by Pasofino Gold and where Hummingbird has a controlling interest.

The feasibility study on the project is expected to be completed by April, and Hummingbird chief executive Dan Betts said: “The completion of the [study] will mark a major milestone for Dugbe and complete its journey from being a pure exploration asset to a viable project, with strong project economic fundamentals.”



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