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Avon Technologies Plc (AVNBF) Q2 2026 Earnings Call May 15, 2026 7:00 AM EDT

Company Participants

Mark Sclater – CEO & Director
Richard Cashin – CFO & Executive Director
Steve Elwell – President of Avon Protection

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Presentation

Operator

Good afternoon, ladies and gentlemen, and welcome to the Avon Technologies Plc Interim Results Investor Presentation.[Operator Instructions] Before we begin, we would like to submit the following poll. And if you could give that your kind attention, I’m sure the company would be most grateful. And I would now like to hand you over to the executive management team from Avon Technologies Plc. Josh, good afternoon, sir.

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Mark Sclater
CEO & Director

Good afternoon and afternoon, everyone. Thank you for joining us. I’m Josh Sclater, I’m the CEO. And on my right is Rich Cashin, the CFO; and on my left is Steve Elwell, who runs our Avon business. And we’ll take you through the slides. They are the slides that we gave at the results, but we will try and go through the narrative maybe a bit quicker than we do with the results. It was a very good first half for us. We delivered very strong revenue growth, strong profit growth and excellent margin progression. We actually moved our margin into the target range that we originally set for 2027. So we delivered it 18 months earlier than originally planned. We are now getting to the end of our transformation program. It was always expected to be a 3-year program.

It will end as anticipated at the end of this year. It has involved a lot of heavy lifting for the team that you see in front of you. As that comes to an end, it does free us up a bit more to really focus on organic growth and potentially, if we found a

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As geopolitical uncertainties rattled investor sentiment and triggered sharp market swings in April, many mutual funds turned cautious and pared their exposure to equities. An ETMarkets analysis found that nearly 15 stocks witnessed a reduction in holdings by more than 10 mutual fund schemes in April 2026 compared with March 2026. From this group, we identified 10 stocks in which over 15 mutual fund schemes reduced their stakes on a month-on-month basis.

Notably, 7 of these 10 stocks have posted negative returns so far in CY26, with declines of up to 60% in less than five months of calendar year 2026. (Data Source: ACE MF, ACE Equity)

The Supreme Court dealt a major blow Thursday to four major cruise lines accused of profiting from Cuban property seized during Fidel Castro’s communist revolution, reviving lawsuits that could cost the companies hundreds of millions of dollars.

In an 8-1 ruling, the justices sided with Havana Docks Corporation, a U.S. company that operated docks in Havana before the Cuban government took the property in 1959.

The decision revives more than $440 million in judgments against Carnival, Norwegian Cruise Line, Royal Caribbean and MSC Cruises for using the Havana port during the Obama-era thaw in U.S.-Cuba relations.

Justice Clarence Thomas wrote that a lower court wrongly dismissed the claims because the cruise companies “used confiscated property to which Havana Docks owns the claim.”

MAJOR CRUISE LINE SUSPENDS CARIBBEAN DESTINATION VISITS AMID KIDNAPPINGS, SAFETY CONCERNS

The lawsuits stem from the Helms-Burton Act, a 1996 law allowing Americans to sue companies that profit from property seized by Cuba’s government after the revolution.

Justice Elena Kagan ​wrote in the dissent that her colleagues had misconstrued the statute’s text, writing that “what Havana Docks owned was only a property interest allowing ​it to use those docks ⁠for a specified time.” Kagan wrote that the decision will “allow plaintiffs to recover for trafficking in property that was not theirs.”

For years, U.S. presidents suspended the Helms-Burton Act to avoid clashes with allies and businesses operating in Cuba. The cruise lines had resumed stops in Havana in 2016 after President Barack Obama reopened travel ties with Cuba.

TRUMP DECLARES NATIONAL EMERGENCY OVER CUBA, THREATENS TARIFFS ON NATIONS THAT SUPPLY OIL TO COMMUNIST REGIME

President Donald Trump reversed course in 2019, activating the law and tightening pressure on Cuba’s communist regime.

A federal judge in Miami previously ruled the cruise operators were liable and awarded Havana Docks more than $400 million combined. An appeals court later overturned that ruling before the Supreme Court issued its decision on Thursday.

The case now heads back to the lower courts, where the cruise lines are expected to continue fighting the claims.

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The ruling lands amid renewed tensions between Washington and Havana. Just one day earlier, the U.S. announced murder charges against former Cuban leader Raúl Castro tied to the 1996 shooting down of planes flown by Miami-based exiles.

Reuters contributed to this report.

FSN E-Commerce Ventures, on Thursday, reported a consolidated net profit of Rs 78 crore in the March-ended quarter of FY2026, up 286% YoY from Rs 20 crore in the year-ago period. The profit after tax (PAT) is attributable to the equity shareholders of the parent.

The Nykaa parent’s revenue from operations in Q4FY26 was up 28% to Rs 2,648 crore versus Rs 2,062 crore posted by the company in the corresponding quarter of the previous financial year.

PAT rose 24% sequentially to Rs 78 crore from Rs 63 crore in Q3FY26, even as topline declined 7% quarter-on-quarter to Rs 2,873 crore in the October–December quarter of FY26.

The bottom line surged nearly threefold to Rs 199 crore for the full financial year, compared with Rs 66 crore in the previous year. Topline, meanwhile, rose 26% to Rs 10,022 crore in FY26 versus Rs 7,950 crore a year earlier.

The Nykaa owner reported a 28% YoY growth in its gross merchandising value (GMV) at Rs 5,241 crore, highlighting that the mid 20s growth sustained for the 14th quarter in a row. The revenue also was its highest in last 12 quarters along with gross margin.

Also read: ITC Q4 Results: Profit jumps 5% YoY to Rs 5,113 cr; Rs 8/share dividend declared
Company’s Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) in the quarter under review stood at Rs 223 crore, up 67% YoY while accounting for 8.4% of the net revenue.

FY26 takeaways

The GMV in FY26 stood at Rs 19,963 crore, rising 28% YoY while net revenue stood at Rs 10,022 crore, recording a 26% YoY growth. EBITDA record a 59% YoY growth at Rs 752 crore while PAT surged 183% to Rs 204 crore.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Google co-founder Sergey Brin is continuing his foray into California politics with a newly reported donation to a group fighting against a proposed tax in San Francisco that would hit companies with high-paid executives in the tech hub.

A political contribution filing submitted on Wednesday revealed that Brin donated $500,000 to a group that’s opposing San Francisco Measure D, which will appear on voters’ ballots on June 2.

Advocates for the measure have argued it would crack down on wealth inequality by taxing what they view as excessive executive pay, while critics have warned it would cause employers to leave and could cause startups to locate elsewhere.

Brin’s contribution comes after the billionaire backed a group called Building a Better California with $57 million earlier this year to help it fight against California’s proposed wealth tax on billionaires. He was also among the wealthy residents of California to move their residence and some of their business interests out of the state ahead of the potential effective date for the tax at the start of this year.

GOOGLE CO-FOUNDER RIPS CALIFORNIA BILLIONAIRE TAX: ‘I FLED SOCIALISM’

Measure D would impose a tax on the pay of executives who earn more than 100 times the median compensation rate of their employees.

Starting in 2027, it would raise the top executive pay tax rates for businesses to range from about 0.183% to 1.121% of their gross receipts, and rates based on payroll expenses would range from 0.75% to 4.47%, depending on the pay ratio.

In effect, it would amount to an eight-fold increase in the gross receipts tax, with the city estimating it would bring in about $250 million to $300 million in annual tax revenue.

SERGEY BRIN CONFRONTED GAVIN NEWSOM AT TREEHOUSE PARTY BEFORE DITCHING CALIFORNIA OVER BILLIONAIRE TAX

San Francisco Mayor Daniel Lurie expressed opposition to Measure D, arguing it “will cause major employers to leave San Francisco and prevent new companies from setting up shop here.”

Measure D is backed by several union groups as well as several prominent politicians on the left, including Sen. Bernie Sanders, I-Vt., and Rep. Nancy Pelosi, D-Calif. Sanders has argued that it would address wealth inequality by making “corporations pay their fair share.”

GOOGLE CO-FOUNDER SERGEY BRIN JOINS CALIFORNIA EXODUS: REPORT

The group Brin contributed to is also advocating in favor of San Francisco Measure C, which would increase the exemption threshold from the gross receipts and executive pay tax for small businesses from $5 million to $7.5 million in San Francisco gross receipts.

Bloomberg reported that Brin has spent over $60 million on state politics this year amid his effort to push back on what he views as harmful policies for California’s business climate.

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The outlet noted that he launched a nonprofit called Compass4 to use for some of his political donations, and the entity was used for his contribution regarding the San Francisco ballot measures.

Sebi proposes changes to pre-open listing session of IPOs for better price discovery Capital markets regulator Sebi has proposed a review of the price discovery mechanism used during the pre-open call auction session for IPOs and relisted stocks, following concerns that existing rules may be artificially suppressing prices and distorting trading activity.

In a consultation paper released on Tuesday, Sebi said it is seeking public comments on proposed changes to the Call Auction Session framework used on the listing or relisting day of stocks.

The regulator said representations received from market participants suggested that the current system of dummy price bands and base price calculations was creating unintended distortions in relisted stocks.

“Representations have been received by Sebi stating that the dummy price band and the mechanism for base price in case of re-listed scrips are leading to situations of artificially suppressed price discovery,” the paper said.

Sebi noted that the issue was resulting in persistent buying pressure once normal trading began, frequently leading to upper circuits and additional surveillance measures.

Under the existing framework, IPO and relisted stocks undergo a one-hour pre-open call auction session between 9 am and 10 am on listing day. The session currently allows only limit orders and does not permit market orders.
The regulator explained that stock exchanges presently use different methodologies for calculating base prices for relisted stocks depending on factors such as the period of suspension and revocation of trading. For IPOs, the issue price itself acts as the base price.Sebi said one instance showed how the current framework was restricting effective price discovery.

“In one of the instances, it was observed that during the Call Auction Session of the re-listed scrip, 90% of the buy orders were rejected due to being outside the price bands,” the paper said.

The regulator also highlighted concerns around the current dummy price band mechanism. At present, IPO stocks operate within a dummy price range of minus 50% to plus 100% of the base price during the pre-open session, while relisted stocks use a range of minus 85% to plus 50%. For SME IPOs, the range is minus 90% to plus 90%.

Sebi said stock exchanges currently flex these dummy bands in phases depending on equilibrium prices discovered during the session.

The regulator now wants feedback on whether these mechanisms require changes to improve efficiency and reduce price distortions.

The consultation paper also explained how price discovery currently works. According to Sebi, the equilibrium price is determined at the level where maximum executable volume exists during the call auction session.

If equilibrium prices differ significantly across exchanges, a common equilibrium price based on volume-weighted average prices is determined.

Sebi noted that if no equilibrium price is discovered during the IPO pre-open session, the stock moves into normal trading using the issue price as the base price. For relisted stocks, if equilibrium prices are not discovered at any exchange, all orders are cancelled and the stock continues in the call auction mechanism on subsequent trading days until a price is discovered.

The regulator said the objective of the consultation paper is to review whether the current framework remains appropriate amid evolving market conditions and trading behaviour.

Speaking to BBC Wales, ap Iorwerth said the chancellor’s package of measures were a “missed opportunity, because when we see the impact of high energy prices on hard-up families and on businesses too, and the steps that can be taken and should be taken by UK government on energy prices and off-grid energy prices, that’s the further action that we think we need to see from UK government”.

The Thai government seized over 35,000 illegal cosmetic items valued at 22 million baht, targeting networks misusing these products for injections, which pose serious health risks. Authorities urge consumer vigilance.

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Key Points

• The Thai government has intensified enforcement against illegal cosmetic products used for injections, seizing 35,645 items valued at over 22 million baht. The operation involved the Thai Food and Drug Administration collaborating with the Central Investigation Bureau and consumer protection police.
• Raids at three locations uncovered 20,596 cosmetic products, 217 unregistered drugs, and 240 medical devices. Some operators misclassified products to avoid stricter regulations, marketing them as injectables, which poses significant health risks due to lack of safety evaluations.
• Authorities will enhance monitoring of both online and offline sales, working with digital platforms to block illegal listings. Consumers are urged to verify product approvals to avoid health hazards and to protect legitimate businesses.

The government has intensified action against networks involved in the production, import, and distribution of cosmetic products illegally used for injection, with authorities seizing 35,645 items worth more than 22 million baht.

The operation was carried out by the Thai Food and Drug Administration in coordination with the Central Investigation Bureau, including Division 4 of the Consumer Protection Police Division, and involved raids at three locations. Seized items included 20,596 cosmetic products, 217 unregistered drugs, 240 medical devices, and 14,592 labels and promotional materials.

According to Deputy Government Spokesperson Ploytalay Laksameesangchan, authorities found that some operators registered products as cosmetics instead of pharmaceuticals to bypass stricter approval processes, then marketed them to aesthetic clinics as injectable products or skin treatments. Such use poses serious health risks, as these products have not been evaluated for injection into the human body. Items intended for injection must undergo strict review for quality, safety, and effectiveness, and cosmetics are not permitted for such use under any circumstances. 

Officials have instructed closer monitoring of online and offline sales channels, including coordination with digital platforms to block illegal listings. Provincial public health offices have also been directed to step up inspections. Consumers are advised to verify product approvals through official channels, as unregulated products may pose risks, including contamination, poor quality control, and harm to public health, and may also affect legitimate businesses. 

Source : Thai Authorities Crack Down on Illegal Injectable Cosmetic Products

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