Board Change and Year-End Trading Update

RNS Number : 7565M

Avon Rubber PLC

18 October 2016

 

Strictly embargoed until 07:00 Tuesday 18 October 2016

AVON RUBBER p.l.c. ("Avon", the "Group" or the "Company")

Board Change and Year-End Trading Update

Board Change

After eight years as Group Finance Director, Andrew Lewis has informed the Board of his intention to step down from that position and leave the Group. Andrew will oversee the preparation of the 2016 financial statements and step down on 30 November 2016.

Chairman David Evans commented: "Andrew has been a key member of the executive team during a period where Avon has strongly repositioned itself. His stewardship of the Group's finances has placed it in a good position to take advantage of the many opportunities to continue its growth. The Board thanks him for his contribution to Avon's success and wishes him every success in the future".

The Board is pleased to confirm the appointment of Paul Rayner as Interim Group Finance Director with effect from 1 December 2016. Paul has recently completed an interim assignment as Chief Financial Officer at Liberty Living Limited, a £1bn business owned by the Canada Pension Plan Investment Board, providing university student accommodation. Prior to this Paul was Chief Financial Officer of Mouchel, an international infrastructure and business services group, for two and a half years. Paul assisted in the sale of Mouchel to Kier Group Plc in June 2015 for £265m. Prior to this, he was the Finance Director of the Chemring Group PLC. No further information is required to be disclosed pursuant to Listing Rule 9.6.13.

Chairman David Evans commented: "I am delighted to be welcoming Paul to the Avon Board on an interim basis whilst we conduct the search for a permanent replacement for Andrew. Paul has significant expertise in managing and delivering organic business growth and extensive experience in mergers and acquisitions. He is therefore an ideal fit for Avon at this stage in its development."

Trading Update

We are pleased to report that the financial year has concluded in line with the Board's expectations on both sides of the business.

In Protection & Defence, in September we received a non-DoD order for 15,000 mask systems which will be delivered in the first quarter of our new financial year.

In Dairy, the global milk price has continued to increase, which provides an encouraging backdrop against which to start our new financial year.

Our balance sheet remains strong, and good operating cash flow meant the year concluded with net cash of £2.0m (30 September 2015: Net debt of £13.2m).

For further enquiries, please contact:

Avon Rubber p.l.c.
David Evans, Chairman Rob Rennie, Chief Executive Officer	07860 499744 01225 896870
Andrew Lewis, Group Finance Director	01225 896830
Weber Shandwick Financial
Nick Oborne	020 7067 0700

Note to editors: The Group has transformed itself over recent years into an innovative design and engineering group specialising in two core markets, Protection & Defence and Dairy. With a strong emphasis on research and development we design, test and manufacture specialist products from a number of sites in the US and Europe, serving markets around the world. We achieve this through nurturing the talent and aspirations of our employees to realise their highest potential.

Avon Protection is the recognised global market leader in advanced Chemical, Biological, Radiological and Nuclear (CBRN) respiratory protection systems technology for the world's military, homeland security, first responder, fire and industrial markets. With an unrivalled pedigree in mask design dating back to the 1920's, Avon Protection's advanced products are the first choice for Personal Protective Equipment (PPE) users worldwide and are placed at the heart of many international defence and tactical PPE deployment strategies. Our expanding global customer base now includes military forces, civil and first line defence troops, emergency service teams and industrial, marine, mineral and oil extraction site personnel. All put their trust in Avon's advanced respiratory solutions to shield them from every possible threat whether land, air or sea based.

Our world-leading Dairy supplies business and its Milkrite InterPuls brand have a global market presence. With a long history of manufacturing liners and tubing for the dairy industry, we have become the leading innovator and designer for products and services right at the heart of milking. The acquisition of InterPuls in 2015, a specialist in electromechanical milking components, such as pulsators, milk meters, automatic cluster removers, milking clusters, washing systems, vacuum pumps, bucket milkers and pipeline system components has added significantly to our product range, making us the complete milking point solution provider.  Working with the leading scientists and health specialists in the global dairy industry we continue to invest in technology to further improve the milking process and animal welfare. Our products provide exceptional results for both the animal and the milker, making the milk extraction process more efficient. As our market share and milking experience continue to grow, so does our global presence.

For further information please visit the Group's website www.avon-rubber.com

 

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