Avon Rubber's finance director to step down by end of November

Avon Rubber, a manufacturer of rubber products to the defence, protection and dairy industries, announced that its finance director is to step down in November and that the financial year had concluded in line with its own expectations.

Andre Lewis will step down on 30 November after overseeing preparation for the financial statements for the current financial year. He will be replaced by Paul Rayner in the interim on 1 December.

Chairman David Evans said Lewis was a key member of the executive team during a period when the company had 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.”

Rayner had recently completed an interim assignment as chief financial officer at Liberty Living, a £1bn business owned by the Canada Pension Plan Investment Board.

Evans added: "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."

In a trading update, the company said its protection and defence business received a non-Department of Defence order for 15,000 mask systems in September, which will be delivered in the first quarter of the new financial year.

In its dairy business, the company said the rise in the price of milk globally provides an “encouraging backdrop” to start the new financial year.

The company, which described its balance sheet as "strong", finished the year with net cash of £2m compared to net debt of £13.2m at 30 September 2015 thanks to "good" operating cash flow.

Shares in Avon Rubber were up 1% to 1,009.98p at 1245 BST.