Avon has reported FY17 results which are c.4% ahead of our forecasts and c.5% ahead of consensus, with adjusted PBT up 24%. Both businesses delivered good growth in the year, and management is confident of delivering further progress in FY18. This is underpinned by growth in the closing order book and further orders received post the year end, as well as a positive market backdrop. We expect to increase our forecasts modestly post these results, and remain positive on prospects for the group.