REG - Ibstock PLC - AGM Trading Update

IbstockAnnouncement

27/04/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230427:nRSa6061Xa&default-theme=true

RNS Number : 6061X  Ibstock PLC  27 April 2023

 27 April 2023  LEI: 2138003QHTNX34CN9V93

 

 

Ibstock Plc

 

AGM Trading Update

 

Ibstock Plc ('Ibstock' or the 'Group'), a leading UK manufacturer of clay
bricks and concrete products and solutions, announces a trading update for the
first quarter of 2023, ahead of its Annual General Meeting, which is to be
held at 11:00am today.

 

Trading update

The Group has made a good start to 2023 despite a subdued demand environment
in both the residential new build and RMI markets. EBITDA in the first quarter
was marginally ahead of our expectations, reflecting disciplined management of
capacity and cost, combined with good commercial execution.

While the Group continued to experience cost inflation during the first
quarter, the pace of increase was more modest than the levels seen in 2022. We
have now hedged around 95% of energy requirements for the first half of 2023,
and around 75% for the full year, albeit at prices above prior year levels.

Ibstock's growth initiatives - the Atlas, Aldridge and Nostell capital
investment projects - are all progressing well. Ibstock Futures also continues
to build its market offering, with growth during the first quarter in line
with our expectations.

Having made a good start to the year, and while remaining mindful of broader
macroeconomic risks, the Board is confident of delivering a performance in
line with market expectations.

 

Joe Hudson, Chief Executive Officer, commented:

"We've made a good start to 2023, with EBITDA marginally ahead of our
expectations, underpinned by strong operational discipline and good commercial
execution. Market conditions were subdued through the early months of 2023,
although we expect this to improve as the year progresses.

"Our major organic growth investments remain on track, with our pathfinder
factory at Atlas expected to deliver the UK's first carbon neutral verified
bricks by the end of the year, and Ibstock Futures continuing to build
capability and scale.

"We remain confident in our ability to respond effectively to trading
conditions, and to deliver a full year performance in line with market
expectations."

 

 Ibstock Plc             01530 261 999
 Joe Hudson, CEO
 Chris McLeish, CFO

 Citigate Dewe Rogerson  020 7638 9571
 Kevin Smith
 Holly Gillis

 

About Ibstock Plc

Ibstock Plc is a leading UK manufacturer of clay bricks and a diversified
range of clay and concrete products and solutions. Its principal products are
clay bricks, brick components, concrete roof tiles, concrete alternatives for
stone masonry, concrete fencing and pre‐stressed concrete products.

 

The Group comprises two core business divisions, Ibstock Clay and Ibstock
Concrete, with Ibstock Futures established to accelerate diversified growth
opportunities.

 

Ibstock Clay: The leading manufacturer by volume of clay bricks sold in the
United Kingdom. With 16 manufacturing sites, Ibstock Brick has the largest
brick production capacity in the United Kingdom. It operates a network of 18
active quarries located close to its manufacturing plants. Ibstock Kevington
provides masonry and pre-fabricated component building solutions, operating
from 6 sites across the United Kingdom.

 

Ibstock Futures: Complements our core businesses by accelerating diversified
growth opportunities and addressing key construction trends, including
sustainability and the shift towards Modem Methods of Construction (MMC).

 

Ibstock Concrete: A leading manufacturer of concrete roofing, walling,
flooring and fencing products, along with lintels and general concrete
building products, with 14 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.

 

The person responsible for making this announcement is Becky Parker, Group
Company Secretary.

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTEAXLKAFKDEFA