Brief: Adbri Says CEO & MD Nick Miller To Leave

Adbri

16/10/2022 22:39

Oct 17 (Reuters) - Adbri Ltd  ABC.AX :
    * LEADERSHIP TRANSITION AND TRADING UPDATE
    * CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR NICK MILLER
WILL
BE LEAVING ROLE
    * SENIOR EXECUTIVE MARK IRWIN HAS BEEN APPOINTED AS INTERIM
CEO
    * SEES UNDERLYING NET PROFIT AFTER TAX OF A$75 - A$85
MILLION FOR
FULL YEAR
    * EXTREME RAINFALL EVENTS, ONGOING INFLATIONARY HEADWINDS
HAVE
CONTINUED TO IMPACT MARGINS
    * "DEMAND ENVIRONMENT HAS REMAINED ROBUST"
    * REVIEWING EXPENSES TO DELIVER FURTHER ADDITIONAL COST
REDUCTIONS
    * WHILE CO HAS IMPLEMENTED OUT-OF-CYCLE PRICE INCREASES,
THEY HAVE
NOT MET ONGOING COST INFLATION
    * ACCELERATING STRATEGY TO DIVEST SURPLUS LAND TO REALISE
VALUE
AND RECYCLE CAPITAL

Source text for Eikon:  ID:nASXb8Bss 
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 ((Reuters.Briefs@thomsonreuters.com;))