Avon Rubber PLC Board Change and Year-End Trading Update (7565M)
October 18 2016 - 2:00AM
UK Regulatory
TIDMAVON
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 GBP1bn 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 GBP265m.
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 GBP2.0m (30 September
2015: Net debt of GBP13.2m).
For further enquiries, please contact:
Avon Rubber p.l.c.
David Evans, Chairman 07860 499744
Rob Rennie, Chief Executive Officer 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
This information is provided by RNS
The company news service from the London Stock Exchange
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