Avon Rubber seeking new CEO as business grows

Melksham, UK - Peter Slabbert is stepping down from his position as chief executive officer of Avon Rubber after 15 years in the post, said a company report on 29 April.

Slabbert will continue in his current role at the office until 30 September, which is the end of the company’s financial year, an Avon Rubber spokesperson told ERJ.

No substitute has been found for Slabbert and the search for a successor has already started, the spokesperson added.

Slabbert was “an instrumental part of the successful transformation of the group, helping to build the foundations that have led to the recent consistent record of growth in profits,” said group chairman David Evans.

Avon Rubber announced the CEO’s departure alongside a half-year financial results statement on 29 April. The figures showed a 9-percent increase in earnings (adjusted EBITDA)  at £12.2 million (€17.1 million) on sales of £62.8 million – 2 percent higher than in the prior-year first half.

The gains reflected a strong performance at Avon Rubber’s Dairy unit, which included progress in China and Brazil

“Dairy delivered a record half year performance as our investment in routes to market and innovative products and services delivered returns,” said Avon Rubber.

The group’s Protection & Defence business, meanwhile, achieved a healthy order intake of £47 million, with £28 million due for delivery in the second half of 2015.

“Avon has enjoyed another positive half year, achieving a 10-percent increase in earnings per share against a very strong comparator period last year that included a 52,000 C50 delivery to a customer in the Middle East,” said Slabbert.

“Trading is normally second-half weighted in our Protection & Defence business and we believe this will continue to be the case this year. We have a strong forward order book in Protection & Defence and believe that the momentum in Dairy will continue.

“The Board therefore expects to make good progress as the year develops and to meet market expectations for the full year.”