Ibstock PLC Trading Update (9574Z)
16 Enero 2020 - 1:00AM
UK Regulatory
TIDMIBST
RNS Number : 9574Z
Ibstock PLC
16 January 2020
Ibstock PLC
Trading Update
Ibstock plc ('Ibstock' or the 'Group'), a leading manufacturer
of clay bricks and concrete products in the United Kingdom, today
issues a trading update for the year ended 31 December 2019.
The Group delivered a resilient trading performance for the year
against a backdrop of political and economic uncertainty and
reduced new build housing activity in the second half, and expects
to deliver adjusted EBITDA broadly in line with market expectations
for 2019.
Total revenues were up mid-single digits for the full year
compared to 2018, primarily reflecting pricing benefits in our clay
brick business, volume growth in some of our key concrete product
lines, including roofing, and the consolidation of Longley
Concrete, acquired in July 2019.
At 31 December 2019, net debt(1) was approximately GBP84
million, after the payment of the supplementary dividend announced
at the interim results, the acquisition of Longley Concrete and
investment in working capital as brick inventories increased from
historically low levels. The Group continues to benefit from strong
underlying cash generation and remains towards the lower end of its
target leverage range of 0.5-1.5x net debt to adjusted EBITDA(2)
.
Looking ahead, the lower levels of residential construction
activity in the second half of 2019 have created a more subdued
market backdrop as we enter 2020. However, the market fundamentals
for new build housing in the UK remain robust, with a structural
deficit of housing, low interest rates and unemployment, and the
Government's Help-to-Buy scheme in place until 2023. The Group
therefore remains well positioned and, with a strong balance sheet,
we continue to assess investment options in the UK as we look to
deliver growth over the medium term.
The Group will announce its results for the year ended 31
December 2019 on 3 March 2020.
Enquiries to:
Ibstock plc
Joe Hudson, CEO
Chris McLeish, CFO
Robert Coates, Investor Relations
Director 07880 486329
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith
Nick Hayns
(1) Net debt is stated on a consistent basis to prior periods,
excluding lease liabilities arising from IFRS16.
(2) Leverage range calculated as net debt to adjusted EBITDA
before the impact IFRS16.
About Ibstock Plc
Ibstock plc is a leading manufacturer of clay bricks and a
diversified range of clay and concrete products, from its
operations in the United Kingdom. Its principal products are clay
bricks, brick components, concrete roof tiles, concrete substitutes
for stone masonry, concrete fencing and pre--stressed concrete
products.
The Group's two divisions are:
Ibstock Clay: The leading manufacturer by volume of clay bricks
sold in the United Kingdom. With 19 manufacturing sites Ibstock
Brick has the largest brick production capacity in the United
Kingdom. It operates a network of 23 active quarries located close
to its manufacturing plants. Ibstock Brick has recently
commissioned a new soft mud brick manufacturing plant in
Leicestershire that added approximately 100 million bricks (c.13%)
to its brick production capacity per annum. Ibstock Kevington
provides masonry and pre-fabricated component building solutions,
operating from five sites across the UK.
Ibstock Concrete: A leading manufacturer of concrete roofing,
walling, flooring and fencing products, along with lintels and
general concrete building products, with 16 manufacturing plants in
the United Kingdom.
Forward-looking statements
This announcement contains "forward-looking statements". These
forward-looking statements include all matters that are not
historical facts and include statements regarding the intentions,
beliefs or current expectations of the directors. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances that are difficult
to predict and outside of the Group's ability to control.
Forward-looking statements are not guarantees of future performance
and the actual results of the Group's operations. Forward-looking
statements speak only as of the date of such statements and, except
as required by applicable law, the Group undertakes no obligation
to update or revise publicly any forward-looking statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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