Avon Protection, which makes protection gear for the military, police and fire fighters, has managed to shrink its losses as the defence sector is flooded with government cash.
The British company has wound down losses to $2.1m, from nearly $30m a year ago.
Avon’s revenue rose 8.6 per cent to $263.5m in the year to the start of October, carried by significant growth in UK market.
Revenue from the UK soared nearly 85 per cent over the year, offsetting a decline in revenue from the US Department of Defence.
Russia’s invasion of Ukraine and rising geopolitical tensions worldwide have boosted the defence spend of government’s across the globe.
Just last week, the UK’s new chancellor Jeremy Hunt promised to keep annual defence spending at two per cent of GDP, despite issuing a range of cuts.