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Ibstock appoint new senior independent director

Louis Eperjesi
Louis Eperjesi

Non-executive director Louis Eperjesi to succeed Tracey Graham following April AGM

IBSTOCK plc have announce the appointment of Louis Eperjesi as senior independent director (SID) of the company with effect from the close of the AGM on 27 April 2023.

As announced on the 28 September 2022, Tracey Graham, senior independent director and chair of the Remuneration Committee, has informed the board of her intention to step down as a non-executive director at the conclusion of the company’s Annual General Meeting on 27 April 2023.

Following a clear and thorough selection process, upon the Nomination Committee’s recommendation, the board has decided to appoint Louis Eperjesi (pictured) to the role of SID on Ms Graham’s departure. Mr Eperjesi has been a non-executive director since June 2018 and is also a member the Audit, Nomination, Remuneration and ESG committees.

The board is continuing the process to identify a potential successor as the chair of the Remuneration Committee and a further announcement will be made in due course.

Meanwhile, Ibstock have reported strong trading performance for the year ended 31 December 2022, with both revenue and profit materially ahead of both the prior year and pre-pandemic comparators.

Revenue was up 26% to £513 million, compared with 2021 (£409 million), adjusted EBITDA increased by 36% to £140 million (2021: £103 million), and pre-tax profit was up 61% to £105 million (2021: £65 million).

 

Joe Hudson, chief executive officer, commented: ‘These strong results reflect our continued focus on commercial and operational execution, which has enabled the Group to deliver significant growth and improved returns despite a challenging backdrop.

‘Revenue and profit were materially ahead of both the prior year and pre-pandemic levels, reflecting the strategic progress we have made over the last five years, with the development of a high-quality, lower-cost and highly efficient asset base allied to the strength of our market positions.’

He added: ‘Activity in the early weeks of 2023 has continued to reflect the more subdued demand environment experienced towards the end of last year, although we anticipate this to improve as the year progresses.

‘With the strong strategic platform we now have in place, I am confident both in our ability to respond effectively to conditions this year, and to achieve significant growth over the medium term.’

 

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