Avon Technologies’ FY24 results show the continued momentum seen throughout the year, with revenue growth of 12.2% y-o-y ($275m), adjusted operating profit growth of 53.4% y-o-y ($31.6m) and a record closing order book value of $225m, up 64.3% y-o-y. Return on invested capital (ROIC) grew 500bp y-o-y to 13.7%. Given Avon’s record order pipeline, disciplined capital allocation and strong cash generation, management expects the company to achieve both its medium-term operating margin (14–16%) and ROIC (>17%) targets a year ahead of schedule in FY26.