Chemring parachutes in the man who turned around Avon Rubber as its new finance chief

Oliver Gill
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It's been a tricky few years for Chemring as some governments slash military spending (Source: Getty)

Military manufacturer Chemring has secured the services of a permanent finance chief, snatching Andrew Lewis from small-cap engineer Avon Rubber.

Lewis will replace interim finance director Andrew Davies, who was babysitting the vacancy left following Steve Bowers' departure this summer to take over the finance reigns at Australian law firm Herbert Smith Freehills.

Read more: Fall in sterling strengthens Chemring's order book by £100m

Farnham-based firm has had a turbulent few years as Western governments cut military budgets.

However, Lewis is no stranger to turning a business around. As finance boss, he oversaw the growth of Avon from a £10m to £300m market capitalisation company between 2008 and his resignation at the end of November. He will join Chemring from 9 January 2017.

Read more: Chemring shares are having a blast after Australian defence contract win

"[Andrew] has a proven track record of success within our sector and enhancing shareholder value," said Chemring's chairman Carl-Peter Forster.

"Considerable work has been done in the past couple of years to strengthen the group’s balance sheet and improve its financial controls. Andrew’s experience and drive will benefit the group as we seek to progress our operational and financial performance."

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