Defence Investment Plan Released - £15bn in Extra Funding

Research evidence excerpt

Defence Investment Plan Released - £15bn in Extra Funding

Avon Technologies (AVON LN BAB LN CHRT LN CHG LN QQ/ LN)

Equity Research

June 30, 2026

Company Description

Avon Technologies

Avon Protection is an innovative technology group, which designs and produces life critical personal protection systems to maximise the

performance and capabilities of its customers, with leading positions in the respiratory and head protection markets for the world's militaries and

first responders. North America accounted for c79% of group sales in FY22, with RoW accounting for 12% and Europe 9%.

Babcock International

Babcock is an engineering support services company providing a range of services to the UK Ministry of Defence, which contributes c45% of

group revenue, including training, support, and maintenance of the submarine fleet, surface ship refit work, and management of the Devonport

and Faslane naval bases. Much of this is provided under a 15-year Terms of Business Agreement, which was signed in March 2010, and provides

visibility over forward work programmes and commits Babcock to £1bn of efficiency savings. Organic growth has been regularly augmented with

acquisitions, including the purchase of Avincis for £1,759m in March 2014, VT Group for £1,468m in July 2010, and DML for £356m in June 2007.

Chemring plc

Chemring is a UK-listed manufacturer of products for global aerospace & defence markets. The group’s products are used to protect people,

platforms, missions and information against constantly-changing threats. The group has 2 divisions: Sensors & Information and Countermeasures

& Energetics.

Cohort

Cohort is the parent company of seven innovative, agile and responsive businesses providing a wide range of services and products for British