Avon Rubber chief executive Peter Slabbert, who is credited with helping transform the business into a global manufacturing innovator, is to leave later this year.
Confirmation of his resignation after 15 years at Avon – seven of them as chief executive – came as the group posted another strong set of financial results which included a 4% rise in adjusted pre-tax profits to £8.4m on revenue up 2% to £62.8m in the six months to March 31.
Since Mr Slabbert, pictured, became chief executive of the Melksham-based group in CEO in 2008, its share price has soared from 90p to 776p as it has transformed itself into a highly-specialised manufacturer of innovative protection equipment such as gas masks for defence and homeland security customers as well as expanding its dairy business – which makes equipment used to milk cows – into a global brand. 
He will leave on September 30. Avon said it had already started the search for a successor.
Chairman David Evans said: “The board is immensely grateful to Peter for the contribution he has made during his time with Avon Rubber.
“Early on he 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, further evidenced in today’s interim results. He leaves behind a strong executive team which the board is confident will continue to grow the group.”
Mr Slabbert added: “After 15 years with the group as CEO and group finance director I have decided it is time for a change in lifestyle. We have transformed Avon Rubber and have established strong foundations to continue to grow the group.”
Mr Slabbert, who was awarded the Chief Executive of the Year Award at the Grant Thornton Quoted Company Awards in 2011, joined Avon as group financial controller in May 2000 and he was appointed group finance director in 2005.
A chartered accountant, he joined from Tilbury Douglas where he was divisional finance director and group financial controller. Prior to that, he worked at Bearing Power International as finance director.
The interim results show Avon’s dairy division returned record results as its strategy of product and service innovation and geographic expansion continued to deliver success.
In its core protection & defence business, revenues were lower as a result of it winning a 10-year deal with the US Department of Defense in the equivalent period last time.
However it made “encouraging” progress in generating opportunities in the North American Fire market and in the Middle East which it said were likely to be realised in the second half.
Mr Slabbert said: “Avon has enjoyed another positive half year, achieving a 10% increase in earnings per share against a very strong comparator period last year. We have a strong forward order book in protection & defence and believe that the momentum in dairy will continue.”
