Melksham, UK - Avon Rubber plc’s group finance director Andrew Lewis is to leave the group, the UK maker of rubber-based components and systems has announced.
Lewis, who was finance director for the last eight years, will oversee the preparation of the 2016 financial statements and step down on 30 Nov, according to an Avon statement issued on 18 Oct.
Lewis 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,” said chairman David Evans.
Avon has appointed Paul Rayner as interim group finance director with effect from 1 Dec. He has previously held senior finance roles at Liberty Living Ltd, Mouchel and Chemring Group.
Avon’s announcement included a trading updated, which stated that the financial year had “concluded in line with the board's expectations” on both sides of the business.
In September, it noted, Avon’s Protection & Defence unit had received an order for 15,000 mask systems for delivery in the first quarter of its next fiscal year. The company’s Dairy unit, meanwhile, is benefiting from a pick-up in global milk prices.
Avon concluded: “Our balance sheet remains strong, and good operating cash flow meant the year concluded with net cash of £2.0 million (€2.3 million).” This compared with net debt of £13.2 million on 30 Sept 2015.