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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ibstock Plc | LSE:IBST | London | Ordinary Share | GB00BYXJC278 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 3.80 | 2.52% | 154.40 | 154.00 | 154.60 | 154.40 | 150.00 | 150.00 | 842,760 | 16:29:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Concrete Block And Brick | 405.84M | 21.06M | 0.0537 | 28.75 | 605.35M |
From May 2019 to May 2024
TIDMIBST
RNS Number : 3787C
Ibstock PLC
12 April 2017
12 April 2017
Ibstock plc ("the Company")
2016 Annual Report and Accounts and Notice of Annual General Meeting 2017
Further to the release of the Company's preliminary results announcement on 7 March 2016, the Company announces that it has today published its full Annual Report and Accounts for the year ended 31 December 2016.
The Company also announces that it has today posted copies of the documents listed below to shareholders:
1. 2016 Annual Report and Accounts 2. Notice of Annual General Meeting 2017 3. Form of Proxy for the Annual General Meeting 2017
The Annual General Meeting 2017, will be held at 2:00 p.m. on Wednesday 24 May 2017 at Citigate Dewe Rogerson, 3 London Wall Buildings, London Wall, London EC2M 5SY.
A copy of each of these documents has also been submitted to the UK Listing Authority via the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/nsm
The 2016 Annual Report and Accounts and Notice of Annual General Meeting 2017 will also be accessible later today via the Company's website at www.ibstockplc.com/investors
This information should be read in conjunction with the Company's preliminary results announcement. A condensed set of the Company's financial statements and information on important events that have occurred during the financial year and their impact on the financial statements, were included in the preliminary results announcement released on 7 March 2017. That information, together with the information set out below, which is extracted from the 2016 Annual Report and Accounts, is provided in accordance with the Disclosure and Transparency Rule 6.3.5, which requires it to be communicated to the media through a Regulatory Information Service. This announcement is not a substitute for reading the full 2016 Annual Report and Accounts. Page and note references in the text below refer to page numbers and note numbers in the 2016 Annual Report and Accounts.
Risk management
Risk arises from the operations of, and strategic decisions taken by, every business and our approach to risk management is not to eliminate risk entirely, but rather provide the structural means to identify, prioritise and manage the risks involved in our activities. The Board of Directors is ultimately responsible for the Group's risk management processes and internal control systems.
The Board has considered the nature and extent of risks it is willing to take in pursuit of the Group's strategic objectives. It has assessed the Group's risk appetite, which is set to balance opportunities for business development and growth in areas of potentially higher risk, whilst maintaining our reputation and high levels of customer satisfaction.
In considering the Group's appetite for risk, this is set depending upon the particular risk associated to our Group strategy:
Hot Features
Premium
-- Safety - there is a zero tolerance for health
and safety related risks or non-compliance
with related legislation and statutory requirements;
-- Invest - the criteria for investment allocates
the Group's resources in a manner consistent
with the Group's strategy and planned internal
rates of return; and
-- Innovate - whilst delivering activity aimed
at introducing innovative products, the Group
accepts short-term margin dilution, but aims
for market-leading operating margins and
returns on capital.
The Group's risk management process includes both top-down and bottom-up elements to the identification, evaluation and management of risks.
As noted in our 2015 Annual Report & Accounts, the Audit Committee had commissioned a third party review of the Group's internal control processes. This independent "health-check" of the Group's risk management was completed during the first half of 2016 and concluded that the Group's internal control framework was fit for purpose. The exercise helped establish a base line of internal controls and subsequently RSM LLP were appointed as the Group's outsourced Internal Audit provider to deliver a programme of internal audits to continue to monitor the processes and controls in operation.
The outsourced provider designed an independent programme of audits, which was approved by the Audit Committee, and commenced these audits in the second half of the year, supplementing the Group's own operational audit activities.
Risk matrices are maintained and reviewed by each subsidiary entity within the Group. These matrices are the result of input and challenge undertaken by the senior managers within the entity and the Group's Executive Directors, and are refreshed at least once per annum. At a Group level, the Board reviews these matrices and the analysis of potential exposures which exist within them. Risks are continually evaluated using consistent measurement criteria.
During the year, the Audit Committee approved a Group Risk Committee comprising senior managers from across the Group. The Committee participated in a risk workshop facilitated by the Group's outsourced Internal Auditor, and considered the risk matrices prepared; ranked the identified risks at a Group level; and determined the extent of Group-wide mitigating actions currently being undertaken.
Following the Risk Committee's meeting, a Group risk assessment was formulated and validated by the Executive Directors prior to approval by the Board. This formed a key component of the Directors' robust assessment of the principal risks facing the Group - including those that would threaten its business model, future performance, solvency or liquidity, set out below.
The Audit Committee supports the Board in monitoring the risk exposures and is responsible for reviewing the effectiveness of our risk management and internal control systems. During 2016, no significant failings or weaknesses in the Group's internal controls were found.
The Audit Committee is assisted in evaluating the design and operating effectiveness of our risk strategies and the internal controls implemented by management by the Group's outsourced Internal Audit function.
Principal Risks
Risk Description Mitigation
1 - Economic The Group's business The Group analyses
conditions could be materially construction statistics
impacted by changes for the past five
in the macroeconomic years and, using
environment in the independent forecasts
UK and the US. of construction
statistics, forecasts
Specifically, demand future demand with
for the Group's the aim of anticipating
products is strongly market movements.
correlated with
residential construction The Group has historically
and renovation activities flexed capacity
and non-residential and its cost base
construction, together where possible during
with the supply economic downturns
chain's attitude to allow more of
to stock levels, the Group's manufacturing
which are cyclical. plants to remain
open and viable,
maintaining skills,
development and
training. The Group
believes that this
maintained employee
morale and high
levels of customer
service through
the last economic
downturn. It also
allows the Group
to respond more
rapidly to increases
in demand and keep
customers satisfied.
The Group's RMI
and specification
product ranges diversify
end-use exposure
and provide greater
resilience in light
of changing market
demand in any of
its end-use markets.
----------------------------------------------------------------- -----------------------------------------------------------------
2 - The Group has an The Group analyses
Government exposure to both construction statistics
action and UK or US political for the past five
policy developments. Material years and, using
reductions in Government independent forecasts
spending, or changes of construction
in Government policy, statistics, forecasts
could have a material demand for the next
effect on demand five years with
for the Group's the aim of anticipating
products - reducing market movements.
sales and affecting
the Group's financial The change in climate
results. post 2015's UK General
Election and Autumn
Budget are favourable
to housing, as well
as recent changes
to developing brownfield
land and the 200,000
affordable homes
the Government is
targeting to be
built by 2020. These
measures, in addition
to the National
Planning Policy
Framework ("NPPF")
and Help to Buy
scheme, show the
Government's current
commitment to house
building. The UK
Government's white
paper "Fixing our
broken housing market"
of February 2017
is also supportive
of housing. However,
the Group recognises
the risk which can
result from political
changes or economic
uncertainty.
RMI and new housing
demands are, to
a certain extent,
counter-cyclical
to each other, providing
some balance to
the portfolio of
offerings for the
Group.
----------------------------------------------------------------- -----------------------------------------------------------------
3 - The Group's production, The health and wellbeing
Government manufacturing and of our employees
regulation distribution activities is fundamental to
and standards are subject to health our business. We
relating and safety risks. have stringent Health
to the and Safety policies
manufacture The Group is subject and monitor compliance
and use of to environmental, regularly.
building health and safety
products laws and regulations We have also invested
and these may change. considerable resources
These laws and regulations in employee training
could cause the across our manufacturing
Group to make modifications processes. We have
to how it manufactures invested heavily
and prices its products. in safe systems
They could also and facilities to
require that the protect our employees.
Group make significant
capital investments The Group actively
or otherwise increase monitors for any
its costs or could legislative changes
result in liabilities. which it may need
to comply with.
Failure of the Group
to comply with the
relevant regulations
could result in
the Group being
liable to fines
or a suspension
of operations, which
would impact the
Group's financial
results.
----------------------------------------------------------------- -----------------------------------------------------------------
4 - Customer The Group receives The Group has a
relationships a significant portion service-led ethos
and of its revenue from with many top customer
reputation key customers and relationships lasting
the loss of any over 40 years. The
such customer could Group's customer
result in a significant focus is supported
loss of revenue by a commitment
and cash flow. Further, to quality, service
the Group does not and consistency.
have long-term contracts
with its customers The Group's sales
and the Group's and production teams
revenue could be are highly integrated
reduced if its customers to ensure that production
switch some or all aligns with customers'
of their business needs. Sales teams
with the Group to receive in-depth
other suppliers. technical training
and are assisted
by a design support
service team as
well as targeted
marketing materials
to assist with specification
and selection.
All four of the
Group's primary
businesses have
their own sales
teams aligned by
customer group and
region in order
to focus on key
decision makers
and customers. Key
account management
is supervised at
a senior level where
long-term relationships
benefit from the
continuity of senior
management who have
the ability to liaise
across the Group's
businesses.
The Group has a
broad spread of
customers and no
single customer
comprises more than
10% of the total
Group revenue.
----------------------------------------------------------------- -----------------------------------------------------------------
5 - Business A material disruption The Group has the
disruption at one of the Group's ability to transfer
manufacturing facilities some of its production
or quarries, or across its network
at one of the Group's of plants and is
suppliers' facilities, able to engage subcontractors
could prevent the to reduce the impact
Group from meeting of certain production
customer demand. disruptions.
The Group depends In relation to supplier
on efficient and disruption or failure,
uninterrupted operations further third party
of its information suppliers have been
and communication identified who can
technology, and maintain service
any disruption to in the event of
or interruptions a disruption.
in these operations
could have a material In relation to IT,
adverse effect on a major incident
the Group's operations action plan has
and financial performance. been developed and
the Group maintains
Additionally, the data backups and
Group is exposed a comprehensive
to the impact of disaster recovery
unexpected or prolonged plan (see also Risk
periods of bad weather, 11, overleaf).
which could adversely
affect construction Although weather
activity and, as conditions are completely
a result, demand beyond the Group's
for the Group's control, in both
products. the UK and US in
2016 adverse weather
did not impact on
trading in the context
of the full year.
Management do not
underestimate the
potential impact
that future prolonged
periods of bad weather
could have. The
Group's wide geographical
spread allows it
to manage its production
facilities to mitigate
the impact of such
disruption.
----------------------------------------------------------------- -----------------------------------------------------------------
6 - The Group is dependent We ensure that we
Recruitment on qualified personnel recognise the changing
and retention in key positions labour markets,
of key and employees having and packages for
personnel special technical key and senior staff
knowledge and skills. remain competitive.
Any loss of such
personnel without The Group believes
timely replacement that it is essential
could significantly to protect and develop
disrupt business the management team,
operations. where appropriate
ensuring that the
team is structured
in a way which best
takes advantage
of the available
skills and robustly
identifies the team
and structure for
the future. Extensive
succession plans
are in place, which
is key to ensuring
a managed transfer
of roles and responsibilities.
Apprenticeship schemes
are in operation
with a yearly intake
across the business
(engineering and
technical based).
High potential individuals
are identified with
development plans
formulated. External
recruits are brought
in where any skill
gaps are identified
and to enhance the
talent pool.
----------------------------------------------------------------- -----------------------------------------------------------------
7 - Input The Group's business Significant input
prices may be affected costs are under
by volatility in constant review,
extraction expenses with continuous
and raw material monitoring of raw
costs. Risks exist material costs,
around our ability energy prices and
to pass on increased haulage expenses,
costs through price with the aim of
increases to our achieving the best
customers. possible prices
and assuring stability
The Group's business of supply.
may also be affected
by volatility in As competitors of
energy costs or the Group are likely
disruptions in energy to experience similar
supplies. levels of input
price increases,
Significant changes we aim to have appropriate
in the cost or availability pricing policies
of transportation to remain competitive
could affect the within our markets
Group's results. and pass on significant
increases in input
costs to our customers
wherever possible.
----------------------------------------------------------------- -----------------------------------------------------------------
8 - Product The nature of the The Group operates
quality Group's business comprehensive quality
may expose it to control procedures
warranty claims across its sites.
and
to claims for product The Group's Technical
liability, construction teams carry out
defects, project regular testing
delay, property of all of our products
damage, personal to provide full
injury and other technical data on
damages. Any damage our product range.
to the Group's brands,
including through
actual or alleged
issues with its
products, could
harm our business,
reputation and the
Group's financial
results.
----------------------------------------------------------------- -----------------------------------------------------------------
9 - Financial In addition to the
risk input cost risks * Foreign exchange risk - The Group undertakes limited
management outlined above, foreign exchange transactions, with the UK and US
the Group is subject businesses selling domestically with largely local
to the following input costs. Some capex requires foreign exchange
other financial purchases and management considers foreign exchange
risks: hedging strategies where significant exposures may
* Foreign exchange risk - As the Group has operations arise.
in the UK and the US, exchange rate fluctuations may
adversely impact the Group's results.
* Credit risk - Customer credit risk is managed by each
subsidiary subject to the Group's policy relating to
* Credit risk - Through its customers, the Group is customer credit risk management. The Group
exposed to a counterparty risk that accounts principally manages credit risk through management of
receivable will not be settled leading to a financial customer credit limits. The credit limits are set for
loss to the Group. each customer based on the creditworthiness of the
customer and the anticipated levels of business
activity. These limits are initially determined when
* Liquidity risk - Insufficient funds could result in the customer account is first set up and are
the Group being unable to fund its operations. regularly monitored thereafter.
* Interest rate risk - Movements in interest rates * Liquidity risk - The Group's policy is to ensure that
could adversely impact the Group and result in higher it has sufficient funding and facilities in place to
financing payments to service debt. meet any foreseeable peak in borrowing requirements
and liabilities when they become due. In March 2017,
the Group entered into new facilities of GBP250
million.
* Interest rate risk - The Group finances its
operations through a mixture of retained profits and
bank borrowings. The Group's bank borrowings, other
facilities and deposits are in Sterling and at
floating rates. No interest rate derivative contracts
have been entered into at the period end.
----------------------------------------------------------------- -----------------------------------------------------------------
10 - Pension The Group has obligations The Company plays
obligations to its employees an active role in
relating to retirement the pension scheme
and other obligations - nominating up
and any changes to half of the Trustees
in assumptions or and the Group Chief
in interest rate Financial Officer
levels could have attends and chairs
adverse effects Trustee meetings.
on its financial The defined benefit
position. scheme was closed
to future accrual
following consultation
with members. The
Pension Trustees
and their external
advisers, as well
as the internal
pensions team, have
significant expertise
in the area and
provide oversight.
Following the closure,
our agreed Statement
of Investment Principles,
operated to provide
appropriate security
and achieve an appropriate
balance between
risk and return,
is under review.
----------------------------------------------------------------- -----------------------------------------------------------------
11 - Cyber Recent high-profile The Group does not
security attacks on companies operate in a high
across a number risk sector, yet
of industry sectors the Group is committed
have highlighted to ensure that its
the damage that network, applications
can now be caused and data are protected.
by hackers and cyber During the year,
terrorists. As a the Group has completed
result, and as the a review using an
Group continues external cyber security
to evolve, operational programme framework,
risks such as cyber which provides coverage
security risk have across the key areas
increased in focus. of cyber security
Such IT security and aligns with
risks have the ability industry standards.
to significantly
disrupt the Group's
business, resulting
in financial loss.
----------------------------------------------------------------- -----------------------------------------------------------------
12 - Brexit The UK Referendum The Group established
on EU membership a Brexit Committee
in June 2016 introduced shortly after the
a degree of uncertainty Referendum result
and may give rise was announced. As
to longer-term macroeconomic part of this, management
changes, which as has developed contingency
outlined in Risk plans to mitigate
1, could reduce risks arising from
demand for the Group's macroeconomic changes
products. which may result.
The Group has limited
exposure to foreign
currency risk and
as a result the
recent devaluation
of Sterling has
had minimal impact.
----------------------------------------------------------------- -----------------------------------------------------------------
Viability Statement
Background
The Directors, have undertaken a comprehensive assessment of the Group's viability as a business - rigorously assessing its markets, the strength of its business model and the potential risks that could impact its ongoing success. This process involved carefully reviewing and assessing extensive evidence, from both internal and external sources, to evaluate the prospects for the Group over a long-term horizon.
Assessment
The Directors' assessment of the longer term viability of the business, as part of the year-end review for the preparation of the 2016 Annual Report & Accounts, has assessed the business model, strategy, market conditions, business planning, risks and the liquidity and solvency of the Group.
The Group has a strong position in the markets in which it operates, as noted on pages 6 and 7 of the 2016 Annual Report & Accounts, and its strategy (see pages 11 to 17 of the 2016 Annual Report & Accounts) is aimed at continuing to strengthen its position in those markets and create value for its shareholders. The Group's global operations (see pages 26 and 27 of the 2016 Annual Report & Accounts) exposes it to a number of risks and the Group's principal risks and uncertainties are noted on pages 34 to 36 of the 2016 Annual Report & Accounts. The Directors continually review those risks and determine the appropriate controls and further actions. They have further reviewed the impact within the context of the Group's viability. The Group has limited exposure to interest rate risk and foreign exchange rate risk as described on page 36.
Lookout period
In determining the lookout period to assess the prospects of the Group, the Directors decided that three years was the appropriate period over which to assess longer-term viability. The nature of the building products industry is that it is particularly sensitive to the level of economic activity, which is influenced by factors outside of the Group's control, such as demographic trends, the state of the housing market, mortgage availability, mortgage interest rates and changes in household income, inflation and Government policy. Based on the evidence available, the Directors believe that it is reasonable to expect continued growth, and consider that a three-year period provides the most appropriate horizon over which to assess viability. The Directors have also considered the financing the Group has in place, which is agreed for a period in excess of the lookout period used. Following the facilities' refinancing subsequent to the year-end, described in Note 34 to the Group consolidated financial statements, refinancing is therefore not considered a significant factor in this current assessment, but is monitored on a continuous basis.
Stress testing
During the challenging market conditions of the recent past, the Group performed well, remaining cash positive and implementing a number of mitigating actions that allowed it to remain viable. These mitigating actions remain available to the Directors today.
The budget has been stress tested against a severe and prolonged reduction in demand for its products, on the basis of reduced house building activity and therefore reduced volume of product sold, as well as a benign environment of prolonged price stagnation on sales. These scenarios reflect the previous challenging market conditions of the 2008/09 downturn, a period over which UK construction output fell 13% (Source: Office of National Statistics, Construction Products Association) with sharp reductions also in the US market. These scenarios have been modelled alongside input cost inflation outside of the Group's control, notably for energy costs.
Assumptions
In determining the viability of the Group, the Board made the following assumptions:
-- The economic climate in the geographies in
which the Group operates remains in line
with a broad consensus of external forecasts;
-- There is no material change in the legal
and regulatory frameworks with which the
Group complies;
-- There are no material changes in construction
methods used in the markets in which the
Group operates;
-- The Group's risk mitigation strategies continue
to be effective; and
-- The Group's past record of successfully mitigating
significant construction industry declines
can be replicated.
Conclusion
In summary, the Directors reasonably expect, based on the evidence available, that the Group will continue in operation and meet its liabilities as they fall due over the three-year period of their assessment.
Statement of Directors' responsibilities
Director' responsibilities
The Directors are responsible for preparing the Annual Report & Accounts in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors are required to prepare the Group consolidated financial statements in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union and Article 4 of the IAS Regulation and have elected to prepare the Parent Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards), including FRS 102, The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, and applicable law. Under company law the Directors must not approve the Annual Report & Accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group for that period.
In preparing the Parent Company financial statements, the Directors are required to:
-- select suitable accounting policies and then
apply them consistently;
-- make judgements and accounting estimates
that are reasonable and prudent;
-- state whether applicable United Kingdom Accounting
Standards have been followed, subject to
any material departures disclosed and explained
in the financial statements; and
-- prepare the financial statements on the going
concern basis unless it is inappropriate
to presume that the Company will continue
in business.
In preparing the Group consolidated financial statements, International Accounting Standard No.1 requires Directors to:
-- properly select and apply accounting policies
-- present information, including accounting
policies, in a manner that provides relevant,
reliable, comparable and understandable information;
-- provide additional disclosures when compliance
with the specific requirements in IFRSs is
insufficient to enable users to understand
the impact of particular transactions, other
events and conditions on the entity's financial
position and financial performance; and
-- make an assessment of the Group's ability
to continue as a going concern and prepare
the financial statements on the going concern
basis unless it is inappropriate to presume
that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Company's transactions and to disclose with reasonable accuracy at any time the financial position of the Group and Company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Directors are of the opinion that the Annual Report & Accounts, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position, performance, business model and strategy.
Directors' Responsibility Statement
The Directors who were in office as at 31 December 2016 and whose names and functions are given on pages 38 and 39 of the 2016 Annual Report and Accounts confirm that to the best of their knowledge:
-- the financial statements, prepared in accordance
with the relevant financial reporting framework,
give a true and fair view of the assets,
liabilities, financial position and profit
or loss of the Group and Company and the
undertakings included in the consolidation
taken as a whole; and
-- the Strategic Report and Directors' Report
include a fair review of the development
and performance of the business and the position
of the Group and Company and the undertakings
included in the consolidation taken as a
whole, together with a description of the
principal risks and uncertainties that they
face.
Related party transactions
Transaction amount
Year ended Period ended
31 December December
2016 2015
GBP'000 GBP'000
-------------- -------------
Purchase of services:
-------------- -------------
Bain Capital Investors LLC 8,995
-------------
In the year ended 31 December 2016:
On 2 September 2016, Diamond (BC) S.à r.l., (a wholly-owned subsidiary of Bain Capital Investors LLC) announced the sale of 40,500,000 ordinary shares in the capital of the Group. Following the sales, Bain Capital Investors LLC holds 150,200,435 Ordinary Shares representing approximately 37.0% of the entire issued share capital. As at 31 December 2016 the Board of Directors of the Company, consider, based on the facts and circumstances, that Bain Capital Investors LLC continues to have significant influence over, but does not control, the Group.
In the period ended 31 December 2015:
Diamond (BC) S.à r.l., owned a majority shareholding of the Group prior to completion of the IPO transaction. Diamond (BC) S.à r.l., a wholly-owned subsidiary of Bain Capital Investors LLC, was therefore the immediate parent of the Group and Bain Capital Investors LLC was the ultimate parent and ultimate controlling party of the Group prior to the IPO transaction. On 27 October 2015, its shareholding reduced to 53.03% and on 4 November 2015, its shareholding reduced to 47.03% following the exercise of an over-allotment option in respect of 24,330,000 ordinary shares.
Subsequent to 4 November 2015 and as at 31 December 2015 the Board of Directors of the Company, consider, based on the facts and circumstances, that Diamond (BC) S.à r.l., had significant influence over but does not control the Group.
The shareholder loan notes and preference shares held by the Group during the prior period (Note 8) were owed to Diamond (BC) S.à r.l., a subsidiary to Bain Capital Investors LLC and were converted to ordinary shares. The preference shares held by Diamond (BC) S.à r.l., and converted to ordinary shares are disclosed in Note 24 of the 2016 Annual Report & Accounts. There are no balances with Bain Capital Investors LLC at the period end date.
During the period, Figgs Topco Limited issued 10,000,000 A shares to Diamond (BC) S.à r.l., (wholly-owned by Bain Capital Investors LLC). Additionally, on Ibstock plc issued 50,000 ordinary shares on incorporation to Diamond (BC) S.à r.l., (wholly-owned by Bain Capital Investors LLC). A shares were converted as part of the Group reorganisation during the period. See Note 24 of the Group consolidated financial statements.
Transactions with related parties during the period also include management subscriptions for shares of GBP0.6 million, see Note 27 of the Group consolidated financial statements and the Directors' Remuneration Report on pages 58 to 73 of the 2016 Annual Report & Accounts.
See Note 7 of the Group consolidated financial statements for details of key management personnel remuneration.
During the prior period an interest-free loan totalling GBP346,000 was outstanding from a UK director of a UK subsidiary company that was provided for relocation purposes. This was paid back before the prior year-end
For further information contact:
Ibstock plc Robert Douglas, Company Secretary + 44 (0)1530 257 211 Citigate Dewe Rogerson + 44 (0)20 7638 9571 Kevin Smith Nick Hayns
This information is provided by RNS
The company news service from the London Stock Exchange
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