Ibstock PLC AGM Trading Update (8928Z)
May 23 2019 - 1:00AM
UK Regulatory
TIDMIBST
RNS Number : 8928Z
Ibstock PLC
23 May 2019
Ibstock plc
AGM Trading Update
Ibstock plc ('Ibstock' or the 'Group'), a leading manufacturer
of clay bricks and concrete products in the United Kingdom,
provides a trading update for the four months ended 30 April 2019
ahead of its Annual General Meeting, which is to be held at 11:00am
today at the offices of Ibstock plc, 54 Hatton Garden, London, EC1N
8HN.
Trading Update
The Group has made a solid start to the year, with underlying
market conditions remaining stable despite ongoing political and
economic uncertainty in the UK.
We have seen strong revenue growth in our clay brick business in
the period, reflecting both the price rise implemented at the start
of the year and incremental volume growth, including production
from our new 100 million soft mud brick factory. Additionally,
performance is against a softer prior year comparator where trading
was impacted by adverse weather. As expected, cost inflation,
primarily increased energy costs, and the impact of the enhanced
maintenance programme has partly offset some of these benefits.
Our concrete business has continued to benefit from good demand
from the new build housing market, including solid growth in roof
tile revenues, underpinned by increasing volumes from recently
launched new products. Activity in the broader RMI and
infrastructure markets has been more subdued however, and this is
contributing to lower demand for some of our concrete products.
Going forward, we intend to report results for our two UK
divisions, clay brick and concrete, separately, for the purposes of
segmental reporting.
Outlook
Market fundamentals in the UK remain robust, supporting the
demand for new housing over the medium term, which should continue
to underpin activity levels in both our clay brick and concrete
businesses. Overall, our expectations for the full year are
unchanged and the Board anticipates another year of progress for
the Group. Performance is expected to be weighted towards the
second half, in part reflecting the enhanced maintenance
programme.
The Group's results for the six months ended 30 June 2019 will
be announced on 31 July 2019.
Enquiries:
Ibstock plc
Joe Hudson, CEO
Kevin Sims, CFO
Robert Coates, Investor Relations
Director 07880 486329
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith
Nick Hayns
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 primary businesses are:
- Ibstock Brick: 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
UK. It operates a network of 23 active quarries which are generally 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 5 sites across the UK.
- Ibstock Concrete: A leading manufacturer of concrete roofing, walling and fencing products,
along with lintels and general concrete building products, with 13 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
Authority to act as a Primary Information Provider in the United
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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