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Former CEO Andy Bond will rejoin the board of Poundland owner Pepco as chairman after stepping down from his former role earlier this year.

The pan-European variety discount retailer will propose the appointment of Bond – who was the former CEO of Pepco Group and led it through its flotation on the Warsaw Stock Exchange – as chair of the board at the company’s AGM on 2 February 2023.

It previously announced in January that Bond would down as CEO of Pepco Group at the end of March due to “health reasons”.

Pepco said Bond has subsequently made a full recovery from these health issues.

He will replace Richard Burrows, who joined as Chairman in May 2021 at the time of the Company’s IPO, who will step down from the board at the end of the AGM.

Meanwhile, it has also appointed Neil Galloway as chief financial officer.

Galloway will join as Pepco Group CFO on 1 April 2023 from IWG, a provider of flexible workspace in 120 countries. Before IWG, Neil was group finance director at The Dairy Farm Group (now DFI Retail Group), the multi-format retailer that operates supermarkets, convenience stores, health and beauty stores across 11 markets in Asia.

Richard Burrows, chairman of Pepco Group, commented: “It is great to welcome Andy back as incoming Chairman. Alongside Trevor Masters as CEO, Neil Galloway as CFO and an experienced Board, Pepco Group will continue on its ambitious expansion plan. Having led the board since the IPO and a smooth leadership transition to Trevor, I have seen the effectiveness of our strategy translate into very tangible growth and now is the right time for me to step aside.”

Bond added: “I am delighted to be re-joining Pepco Group in the role of Chairman. Pepco is a fantastic company with an exciting future ahead. I look forward to working with Trevor and Neil, the Board and other stakeholders to continue the Group’s growth story. I’d like to thank Richard for the great job that he’s done in leading the Board and wish him well in the future.”

CEO Trevor Masters said: “I would like to express my thanks to Richard for his first-class stewardship of Pepco Group, guiding it and the board through a successful period, including as a listed company. I am excited to be working with Andy again, alongside Neil.

“Neil brings a wealth of retail and finance experience, and a track record in supporting growing businesses in global markets. His expertise will be instrumental in supporting the Group’s strategy to be a bigger, better, cheaper and simpler business. I would like to sincerely thank Mat Ankers, who continues to make a significant contribution as interim CFO and will enable a smooth transition as Neil joins.”

Morning update

Sausage skin manufacturer Devro has updated the market on trading in the period 30 June to 31 October.

It said the group traded strongly in the period with reported revenue growth of 16% (10% at constant currency) compared to the prior year period.

Constant currency revenue growth was driven by higher pricing, successful recovery of inflation, as well as good volume increases led by mature markets.

Mature markets were strong with continued growth in North America and Continental Europe.

Emerging market growth was particularly strong in the Middle East and Africa and South East Asia however, as expected, the termination of sales to Russia impacted overall progress for this region in the period.

Operating margins in the period were up on the prior year and well ahead of those achieved in the first half.

Therefore current trading and the full year outlook are slightly ahead of the board’s expectations, “underpinned by a robust performance and foreign exchange tailwinds”.

It stated: “We look forward to 2023 with confidence, whilst remaining alert to global supply chain challenges and ongoing inflation pressures.”

Devro shares have jumped 60% to 307.6p on the news this morning.

On the markets this morning, the FTSE 100 has edged up 0.1% to 7,470.8pts.

Other risers include Bakkavor, up 2.5% to 91.2p, Kerry Group, up 1.2% to €93.12 and C&C Group, up 1.2% to 181p.

Fallers include THG, down 4.3% to 69.2p, Science in Sport, down 2.9% to 13.6p and Deliveroo, down 2.1% to 89.9p.

Yesterday in the City

The FTSE 100 ended the day flat at 7,466.6pts.

Digital stocks clawed back more ground, with THG jumping 10% up to 72.3p yesterday, Deliveroo, up 2.9% to 91.8p and Just Eat Takeaway up 2.5% to 1,845p.

Other risers included SSP Group, up 2.5% to 216.5p, Greencore, up 2% to 71.8p, FeverTree, up 2% to 1,186p, C&C Group, up 1.9% to 178.9p, Associated British Foods, up 1.5% to 1,583p and Domino’s Pizza Group, up 1.4% to 291.4p.

The day’s fallers included Imperial Brands, down 3.9% to 2,100p, McBride, down 2.7% to 22p, Hotel Chocolat, down 1.3% to 152p, Hilton Food Group, down 0.9% to 530p and British American Tobacco, down 0.8% to 3,327.5p.