REG - Ibstock PLC - Results for the year ended 31 December 2024
05/03/2025 07:00
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RNS Number : 3652Z Ibstock PLC 05 March 2025
Full Year Results
5 March 2025
LEI: 2138003QHTNX34CN9V93
Ibstock Plc
Results for the year ended 31 December 2024
Resilient performance in challenging conditions; Strong strategic progress
ensuring Group remains well-placed for market recovery
Ibstock Plc ("Ibstock" or the "Group"), a leading UK manufacturer of building
products and solutions, announces results for the year ended 31 December 2024.
Statutory Results
Year ended 31 December 2024 2023 ∆ 1Y % change
Revenue £366m £406m (£40)m (10)%
Profit before taxation £21m £30m (£9)m (30)%
EPS 3.8p 5.4p (1.6)p (30)%
Total dividend per share 4.0p 7.0p 3.0p (43)%
Adjusted Results(1)
Year ended 31 December 2024 2023 ∆ 1Y % change
Adjusted EBITDA £79m £107m (£28)m (26)%
Adjusted EBITDA margin 21.7% 26.5% (480)bps (18)%
Adjusted EPS 7.7p 13.9p (6.2)p (45)%
Adjusted free cashflow £11m £(16)m +£27m >100%
ROCE 7.5% 13.4% (590)bps (44)%
Net debt £122m £101m £21m +21%
higher
Solid financial performance
• Resilient profit performance against the backdrop of subdued market conditions
• Revenues reduced by 10% to £366 million (2023: £406 million) principally
reflecting lower sales volumes in the core business during the first half of
the year
• Market demand improved progressively throughout 2024, with revenues in the
second half of the year 3% ahead of the equivalent period in 2023 and 6% ahead
of H1
• Adjusted EBITDA(1) of £79 million at a robust margin of 21.7% (2023: 26.5%)
was in line with our expectations and reflected our focus on margin management
despite reduced sales volumes
• Disciplined approach to pricing maintained, with focus on customer service and
product quality enabling an increase in market share during the latter part of
the year; the Group exited 2024 with brick market share back close to 2023
average levels
• Strong fixed cost management delivered in-year savings in line with the £20
million targeted following the restructuring programme undertaken in late 2023
• Statutory profit before tax of £21 million (2023: £30 million), reflected
lower trading performance and an exceptional(1) charge of £12 million (2023:
£31 million)
• Strong cash flow performance, with closing net debt of £122m (2023: £101
million) reflecting around £28 million of growth capital, disciplined
management of sustaining capital expenditure and a modest investment in
working capital
• Final dividend of 2.5p per share (2023: 3.6p), bringing the total dividend for
the year to 4.0p (2023: 7.0p)
Strong strategic progress as we continue to invest in our future growth
• Major capital investment projects close to completion, with capacity in place
for the market recovery
• Production at our new Atlas factory ramping up well. Atlas adds over 100
million new low cost, efficient and more sustainable brick manufacturing
capacity to our network and produces our lowest embodied carbon bricks to
date, including our first ever Carbon Neutral® certified bricks
• Customer deliveries of brick slips from the new automated cutting line at
Nostell commenced during the second half of 2024. Phase two of the project,
the construction of a larger brick slip systems factory, is progressing
towards commissioning by the end of 2025, as planned
• Creation of a unified, enterprise-wide new product development team
successfully accelerating the pace of product innovation - proportion of
revenues from new and sustainable products increased to 22% in 2024 (2023:
11%)
• Decision to restructure our Glass Fibre Reinforced Concrete (GRC) business
taken in the final quarter of 2024
• Integration of Coltman flooring business now complete, enabling provision of a
full UK flooring offer
• Good progress towards our 2030 ESG targets: further progress in carbon
reduction (on both a network and per unit basis), and launch of Environmental
Product Declarations (EPDs), becoming one of the first UK building materials
manufacturers to enhance environmental transparency in this way
• Discussions with potential commercial partners on green energy and calcined
clay projects progressing well
• Continued growth in our sector-leading apprenticeship programme; Group awarded
Earn & Learn Gold Award from the 5% Club recognising our investment in
future talent
Current trading and outlook
• Trading in the early weeks of 2025 year has been solid, with sales volumes, as
anticipated, ahead of the comparative period
• Improvement in market volumes expected in 2025, with momentum building through
the year
• The Group is continuing to invest selectively to bring capacity back into the
network where continued demand improvement is anticipated
• In line with its established strategy, the Group has currently secured around
two-thirds of its energy requirements for 2025, with this cover being
front-end loaded
• With the benefit of volume increases, the Group expects to make good progress
in 2025, with performance weighted towards the second half
• With its capital investment programme now substantially complete, Ibstock has
lower cost, more efficient and sustainable capacity in place to respond to
increases in market activity - at full capacity, the upgraded clay factory
network can operate at roughly double the levels of brick output delivered in
2024
• From the foundation of a robust balance sheet, the Group's anticipated strong
free cash flows will provide a solid platform for growth and shareholder
returns in the years ahead
Joe Hudson, Chief Executive Officer, said:
"Our continued focus on the active management of capacity and margin ensured
we delivered a resilient performance in 2024. As expected, we saw a
progressive improvement in sales volumes through the second half with demand
supported by our leading service and supply proposition. The effective
management of pricing and volumes throughout the year underpinned resilient
margins combined with market share gains through the latter part of the 2024
year.
"Against this backdrop, I am also pleased to report strong progress against
all elements of the Group's strategy with lower cost, more efficient and
sustainable capacity in place to support market recovery, and continued
progress towards our ambitious sustainability targets.
"We expect an improvement in market volumes in 2025, with momentum building
through the year. Ibstock is well-positioned for a market recovery, and the
fundamental drivers of demand in our markets remain firmly in place. We see a
significant opportunity for a new era in housebuilding in the UK and with the
investments we have made and our market leadership positions, the Group
remains well placed to support and benefit from this over the medium term."
Results presentation
Ibstock is holding a presentation at 10.30 GMT today at Peel Hunt, 7th Floor,
100 Liverpool St, London EC2M 2AT.
Please contact ibstock@cdrconsultancy.com (mailto:ibstock@cdrconsultancy.com)
to register your in-person attendance.
A live webcast of the presentation and Q&A is also available. Please
register here (https://brrmedia.news/IBST_FY24) for the live webcast.
The presentation can also be heard via a conference call, where there will be
the opportunity to ask questions.
Conference Call Dial-In Details: UK-Wide: +44 (0) 33 0551 0200
UK Toll Free: 0808 109 0700
US +1 786 697 3501
Confirmation code: please quote Ibstock - FY24 when prompted
An archived version of today's webcast analyst presentation will be available
on www.ibstock.co.uk
(https://www.ibstock.co.uk/investors/reports-and-presentations) later today.
Ibstock Plc 01530 261 999
Joe Hudson, CEO
Chris McLeish, CFO
CDR 020 7638 9571
Kevin Smith
About Ibstock Plc
Ibstock Plc is a leading UK manufacturer of building products and solutions,
backed by design and technical services that comprises two core divisions:
Ibstock Clay: The leading manufacturer by volume of clay bricks sold in the
UK, with 15 manufacturing sites served by 15 active quarries. Ibstock
Kevington provides masonry and prefabricated component building solutions,
operating from four sites.
Ibstock Concrete: A leading manufacturer of concrete roofing, walling,
flooring and fencing products, along with lintels and rail &
infrastructure products. The concrete division operates from 13 manufacturing
sites across the UK.
Both divisions are complemented by Ibstock Futures, which was established in
2021 to accelerate growth in new segments of the UK construction market and
focuses on even more sustainable solutions and Modern Methods of Construction
(MMC) from two main locations.
The Group's ESG 2030 Strategy sets out a clear path to address climate change,
improve lives and manufacture materials for life, with an ambitious commitment
to reduce carbon emissions by 40% by 2030 and become a net zero operation by
2040.
Further information can be found at www.ibstock.co.uk
(https://www.ibstock.co.uk/)
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.
(1)Alternative Performance measures are described in Note 3 to this results
announcement
Chief Executive's Review
Introduction
The Group delivered a resilient performance in 2024, in a challenging market.
Activity in our core markets remained subdued, which led to a reduction in
overall sales volumes year-on-year, although as expected, we saw improvement
in demand as the year progressed. Against this backdrop, effective cost
management and our focus on commercial execution ensured that adjusted
EBITDA(1) for the year was in line with our expectations at £79 million, a
solid performance in the context of difficult market conditions.
I am also pleased to report that we continued to make strong progress with all
elements of the Group's strategy: our investments in new low cost, efficient
and more sustainable brick manufacturing capacity at our Atlas facility, and
the first phase of a significant capacity expansion in the brick slips market
at Nostell; the creation of a leaner, more customer-focused business for the
future; a step change in the output from our innovation initiatives; and
further progress towards our ambitious 2030 sustainability targets.
I would like to thank all colleagues around the Group for their commitment,
spirit and flexibility through the year, which enabled the Group to deliver
our results and build towards our longer-term ambitions, despite significant
external headwinds.
Improving affordability and a more positive evolution of UK housing policy are
expected to support a sustained recovery in UK house building over the medium
term. We have continued to manage our costs and cash position carefully, to
balance near term profitability with the preservation of the capability and
capacity required to enable the business to capitalise on an expected
improvement in activity levels.
Our growth investment projects are now operational, adding lower cost and more
sustainable capacity to our network. In the second half of 2024 we began to
see some initial signs of recovering activity levels in new build residential
markets which should feed into stronger demand for our products in 2025. In
anticipation of this, we will continue to make carefully targeted investments
to restore capacity where this is supported by positive demand signals. The
Group retains a robust balance sheet, providing both resilience and
optionality in respect of future growth investments.
With our organic capital investment programme now nearing completion, we
anticipate that capital expenditure within the core business will fall back to
long-run sustaining levels, which is expected to support an acceleration in
free cash flow generation in the years ahead.
The Board has declared a final dividend of 2.5p per share (2023: 3.6p),
representing a full year dividend of 4.0p (2023: 7p), consistent with our
stated capital allocation policy, which targets full year cover of
approximately two times through the cycle.
Financial Performance
Revenue for the year was 10% lower at £366 million (2023: £406 million) (or
13% lower on a LFL basis, adjusting for the acquisition of Coltman in late
2023), principally reflecting lower sales volumes in the core business in the
first half of the year.
Whilst full year revenues were below those for the prior year, demand improved
progressively throughout the year, with revenues in the second half 6% ahead
of H1 and 3% ahead of the equivalent period in 2023.
With subdued market demand during 2024, the Group continued to manage costs
proactively in the period, achieving fixed cost savings in line with the £20
million targeted in the restructuring programme initiated in late 2023. These
incremental actions have not compromised our ability to build back capacity
quickly as markets recover. During the second half, we began to reinvest
selectively in areas where continued demand improvement is anticipated.
Adjusted EBITDA(1) of £79 million (2023: £107 million) was in line with the
guidance given alongside the Group's Half Year results in August 2024 and
reflected the market backdrop as well as the non-repeat of the £15 million
benefit in the prior year from the absorption of fixed costs into finished
goods inventories.
A disciplined focus on margin management delivered a solid EBITDA(1) margin
performance despite the reduced volumes, with an Adjusted EBITDA(1) margin of
21.7% (2023: 26.5%).
Adjusted earnings per share(1) of 7.7 pence (2023: 13.9 pence) reflected the
lower operating profit performance.
Profit before tax was £21 million (2023: £30 million), reflecting the
trading performance and an exceptional cost(1) of £12 million (2023: cost of
£31 million) relating to site closure activities.
The Group's balance sheet remains robust, with closing net debt of £122
million at 31 December 2024 (2023: £101 million) representing leverage of
1.8x adjusted EBITDA(1) (2023: 1.1x). The closing net debt position was at the
lower end of expectations set at the start of 2024, and reflected a strong
focus on cash flow performance, with disciplined management of sustaining
capital.
Divisional Review
Ibstock Clay
The Clay Division delivered a solid performance, despite a material reduction
in sales volumes, as it benefited from strong cost management and robust
commercial discipline, as well as agile operational performance.
The market backdrop remained subdued in 2024, with total UK clay brick volumes
for the year of 1.7 billion (2023: 1.7 billion), over 30% below the 2.5
billion total delivered in 2022. As expected, imported volumes reduced year on
year as a proportion of total UK brick deliveries to 18% (2023: 19%).
Revenues in the Clay Division reduced by 15% to £249 million (2023: £292
million) principally driven by lower sales volumes during the first half of
the year, combined with a modest reduction in average selling prices. Sales
volumes increased progressively during the year, as anticipated in the Half
Year results announcement in August 2024, with revenues during the second half
of 2024 around 8% ahead of the first half. As anticipated, market share
increased during the latter part of the year and we exited 2024 with domestic
market share close to the average levels achieved in 2023.
In the face of a more competitive pricing environment, we maintained a
disciplined approach to pricing and remain confident this will allow the Group
to achieve targeted levels of market volumes, whilst supporting its margin and
return targets, as market conditions normalise. The impact of sales mix
contributed to average prices in 2024 being slightly below the prior year.
Adjusted EBITDA(1) reduced by 27% to £72 million (2023: £99 million),
reflecting the reduction in sales volumes, partly mitigated through unit
variable cost reductions and continued decisive action to reduce fixed costs.
Adjusted EBITDA(1) in 2024 included a £2 million one-off benefit from the
favourable resolution of a legacy gas metering adjustment, whilst the
comparative period included a £13 million benefit from the absorption of
fixed cost into inventory.
A strong focus on cost management underpinned a resilient margin performance,
with the adjusted EBITDA(1) margin percentage (excluding Ibstock Futures)
remaining above 30%.
Ibstock Futures
Despite challenging conditions for the industry in the short term, the
structural drivers supporting innovation of sustainable products and modern
methods of construction remain compelling and the Group continued to invest in
building both capacity and capability in the Ibstock Futures business during
2024.
We reached an important milestone during the year, when the first phase of our
organic investments in brick slip capacity at Nostell, West Yorkshire, entered
production. The market response to these initial volumes has been encouraging
and the facility is now ramping up to deliver a step change in market volumes
from 2025.
Revenues at Futures, which are reported in the Clay segment, totalled £10
million (2023: £12 million). Excluding the contribution from the Glass Fibre
Reinforced Concrete ("GRC") business, revenues were £6 million (2023: £7
million) with solid performance in the face of challenging market conditions
from our Nexus and Mechslip façade systems. Activity levels reflected broader
demand trends in UK construction as well as delays to the Building Safety Act
implementation.
Ibstock Futures continues to develop a range of innovative products that are
focused on increasing productivity and improving sustainability across the
built environment, including façade systems and masonry support solutions.
Its range of products will expand as the new manufacturing facility at Nostell
comes on line in late 2025, increasing the range of façade and architectural
solutions that the business can offer into the built environment market.
The Group has also invested in enabling research, development and marketing
capability to support future revenue opportunities. As such, Futures
recognised an overall underlying net cost of £7 million in the year (2023:
£5 million), with the year-on-year movement in part reflecting increased
losses within the Glass Fibre Reinforced Concrete ("GRC") business.
The GRC business recognised a trading loss of around £3 million in 2024,
reflecting acute pressure on margins in the current market environment, as
well as losses from recent subcontractor failures. In light of its performance
and near-term prospects, during the final quarter of the 2024 year, the Group
took the decision to cease production of GRC after discharging all existing
commercial commitments, which is expected to conclude during the first half of
2025. The Group has recognised a one-off exceptional charge of £5 million
associated with this closure in the 2024 year, of which £2 million is a cash
cost. £1 million of this cash cost was paid in 2024, with the remainder
expected to be paid in 2025.
Ibstock Concrete
While the breadth of the Concrete Division's end-market exposure helped to
mitigate the impact of the subdued industry conditions, its results for the
year reflected weaker new build residential and rail market volumes. Revenues
of £117 million (2023: £114 million) were 3% above the prior year period, or
7% lower on a LFL basis excluding the impact of the acquired Coltman Precast
business.
The division experienced a reduction in residential new build sales volumes in
line with the wider market, although RMI performance was more resilient,
supported by firmer fencing volumes. Infrastructure sales volumes were
materially lower, with rail activity subdued due to the slow transition to
Network Rail Control Period 7, the next five-year period of its network
delivery plan. The reduction in this higher margin segment of the concrete
business weighed on overall divisional profit performance.
The integration of Coltman, the precast flooring business acquired during the
final quarter of 2023, has progressed well, and in line with our expectations.
The Coltman business contributed revenues of £12 million in 2024, with an
adjusted EBITDA(1) margin approaching 10%, reflecting certain one-off
integration costs not expected to recur in 2025.
Adjusted EBITDA(1) for the Concrete Division was £15 million, down 21% year
on year (2023: £19 million) reflecting product mix and lower levels of
operating efficiencies as factories ran at reduced levels of throughput.
Overall, the division achieved EBITDA(1) margins of 12.5% (2023: 16.4%) as
more resilient RMI volumes were more than offset by the impact of lower new
build residential and rail volumes. The division benefited from the absorption
of around £2 million of fixed costs into inventory in the prior year period.
Major projects
The structural drivers underpinning medium-term demand in our markets remain
firmly in place. In 2021 the Group announced two major growth investment
projects to capitalise on the attractive fundamentals, across both its core
and new, diversified markets. These capital investments are now in production,
with high quality, more sustainable and lower-cost capacity in place for the
market recovery.
Core clay investments in capacity at Atlas and Aldridge
Production at our new Atlas factory, in the West Midlands, which produces
Ibstock's lowest embodied carbon bricks to date, with around 50% lower carbon
than the previous factory, is ramping up well. Atlas has also launched our
first ever Carbon Neutral® certified bricks as part of its range. When
operating at full capacity, the factory will increase the Group's annual
network capacity by over 100 million bricks to support our long-term growth
objectives. Atlas made the first customer deliveries in late 2024 and the
innovative new products have been well-received by the market. As our
Pathfinder factory, Atlas is also piloting new, more sustainable production
technologies and processes that could be rolled out across the wider factory
network to deliver a further significant reduction in carbon intensity.
Production at Atlas, and the adjacent upgraded Aldridge factory, will ramp up
over the course of 2025, with volumes managed as part of the broader network
according to prevailing market conditions.
Diversified growth investments in brick slip capacity at Nostell, Yorkshire
Customer deliveries of brick slips from the new automated brick slips cutting
line at Nostell, West Yorkshire commenced during the second half. The new line
provides a significant domestic supply of brick slips to the UK market for the
first time and will deliver up to 17 million slips per annum when operating at
full capacity. Customer reaction to this new high-quality source of domestic
supply has been positive, and this investment represents our first step
towards building a scale leadership position in this fast-growing product
category.
Phase two of the Nostell redevelopment, the construction of a larger brick
slip systems factory with an initial capacity of a further 30 million slips
per annum, is progressing in line with our expectations. This project is on
track to commission from the end of 2025.
Strategic update
Our operational strategy remains centred on three strategic pillars of
Sustain, Innovate and Grow, with our ambitious ESG commitments integrated
across all three. An update on progress is set out below.
Sustain
As a scale industrial business, sustainable high performance is at the heart
of what we do, with activity focused on three priority areas: health, safety
and wellbeing; operational excellence; and environmental performance.
Health, safety and wellbeing
The Group remains committed to driving best in class standards for health,
safety and wellbeing for all colleagues. In the year the Group recorded a 13%
year on year reduction in total incident frequency rate (TIFR).
In order to drive further improvement the Group has now adopted a more
comprehensive and rigorous "every incident matters" approach, supported by a
refreshed Leadership in Action programme and the introduction of daily risk
reduction measures across the Group's operations. This new approach will form
the basis of the Group's future health and safety reporting process, which we
expect to raise standards and drive further progress over the years ahead.
Operational excellence
Over the last five years we have significantly enhanced the reliability,
quality and performance of our factory networks - investing, rationalising and
adding flexibility to optimise our footprint. These initiatives have delivered
both operational efficiencies and an improved environmental performance.
Specific factory improvement projects included the kiln rebuild at the
Parkhouse brick factory driving a 10% increase in efficiency at the current
operating rate, which will continue to increase as production ramps up. A
further example is the automation of our walling stone factory at Anstone
(production volumes up around one-third post investment), which has enabled
the Group to navigate difficult market conditions and strengthened our ability
to build back capacity quickly as market demand recovers.
Environmental performance
Having further developed our high level carbon transition plan, including the
impact of key investment projects and a continued operational enhancement
programme across the factory estate, we remain on track to deliver a 40%
reduction in carbon by 2030 compared to our 2019 baseline.
Work has continued throughout 2024 and a detailed five-year Carbon Transition
Plan is now in place. Whilst market conditions have slowed, progress continued
to be made with alternative fuel opportunities (syngas and hydrogen) as well
as in other commercial areas. The Group is continuing its dialogue with
potential commercial partners in this space, as well as working with partners
to submit applications for government support through the Hydrogen Allocation
Round 2 ("HAR2") funding process.
As part of the Group's ongoing investment in upskilling its employees on
environmental performance issues, a programme of training from the Institute
of Environmental Management and Assessment ("IEMA"), the global professional
body for environment and sustainability personnel, was rolled out across the
Group during the year.
Innovate
Product Innovation
As market leader in clay and concrete products, we have the broadest range of
building products and solutions available in the UK, and we continue to invest
to enhance our customer offer. In 2023 the Group created a single centralised
Product, Innovation and Quality function to strengthen and accelerate its
innovation, research and new product development pipeline. This focused team
has been driving a significant increase in new product development, with 22%
of sales revenue coming from new and sustainable products in the 2024 year
(2023: 11%). Initial success has been achieved within the concrete product
range, where we have been successful in replacing traditional manufacturing
inputs with alternative materials to deliver products with a significant
reduction in Scope 3 carbon emissions. A broad range of additional new
products is in development, with a number of further introductions expected in
2025.
Following a two-year research project with Sheffield Hallam University's
Materials and Engineering Research Institute, the Group is in advanced
commercial trials of a waste industrial material which can be substituted to
replace fossil-fuel derived products used in the brick manufacturing process.
We are excited by the initial results from this project, which has the
potential to reduce CO(2) emissions from the existing process by up to 50% and
divert around 25,000 tonnes of industrial waste from landfill.
During the year, the Group developed Environmental Product Declarations (EPDs)
across its product ranges. The targeted cross category launch demonstrated a
leadership position as one of the first UK building materials manufacturers to
enhance environmental transparency. This will better enable architects,
specifiers, designers, developers and property owners to include carbon in
their decisions when selecting building materials over the years ahead.
Based on a certified product life of 150 years for our clay brick products, we
believe that our products offer a compelling environmental proposition
compared to alternative building products.
Customer Experience
The unified "One Ibstock" brand identity and new commercial team structure
launched in 2023 has further strengthened key customer relationships across
the Group. The broader range of products being offered to customers and an
increase in solution selling opportunities helped drive improving market share
during the latter part of 2024.
Digital Transformation
The digitisation of our business is a key strategic enabler. During the year
we invested in an enhanced data platform, to improve the speed and quality of
operational and commercial insight. We also established a new, dedicated
business transformation team to increase the pace of progress in process
improvement, data quality and decision support.
Grow
Grow the core business
Our redeveloped Atlas 'Pathfinder' factory is now ramping up production. Atlas
produces our lowest embodied carbon bricks to date, with around 50% lower
carbon than the previous factory. The second half of 2024 also saw the launch
of the Atlas "Pathfinder" range of Carbon Neutral® certified bricks - a
first for the UK market, which has been well received by customers as they
progress their own emission reduction journeys.
The Group also continued to invest in its Concrete division, integrating and
investing in Coltman Precast, one of the UK's largest independent suppliers of
precast concrete products. This acquisition establishes a strong national
leadership position across concrete flooring, staircases and landings.
Grow through diversification
Phase one of the Nostell brick slips factory investment is now complete, with
the first customer volumes being delivered in late 2024. The new automated
cutting line uses some first of its kind technology in the UK to enable the
supply of domestically manufactured brick slips at pace and scale. This
represents a first significant step towards building a significant leadership
position in this fast-growing product category. Phase two of the project - the
construction of a larger brick slip systems factory - is progressing to plan,
as discussed above.
Discussions with potential partners on the commercialisation of our owned clay
reserves for the manufacture of calcined clay are continuing and we expect
these to progress during the course of the year.
Culture and capability
We are passionate about establishing culture as a key point of difference
across our organisation and, notwithstanding the current challenging market
conditions, the Group continued to focus on developing its culture and
preserving productive capability during the period.
We continued to grow our sector-leading apprenticeship programme and during
2024 were awarded Gold status by the 5% club. During the year, as part of our
Builders' Merchants Federation (BMF) pledge, we made a commitment to take on
200 new apprentices across the business over the next 5 years.
Notable achievements also included a new diversity partnership with the Black
Professionals in Construction (BPIC) network (a built environment membership
network for Ethnic minority representation), and over 80 colleagues benefiting
from our leadership development programme.
Future Focus: The creation of Ibstock's "North Star"
The Group has taken significant steps to upgrade its asset footprint and
strengthen the capability of its teams over recent years. In order to sharpen
our focus on execution, and align everyone across Ibstock with our ambitious
strategic goals, during the second half of 2024 we defined a new set of five
focus areas under the banner of a unifying "North Star" objective. These areas
cover: Obsessive Customer Experience; Ibstock's Safe Reliable Production
Systems; Sector Innovation; Sector Leading Sustainability & Social Impact;
and People & Culture.
This North Star will be key to both our continuing progress as we build
momentum throughout 2025, and to the creation of a longer-term roadmap,
ensuring that we continue to differentiate our business with clarity and
ambition as we support positive change in UK housing and construction.
We look forward to updating further on the progress of this initiative, which
we believe has the potential to create significant shareholder value over the
years ahead.
Outlook for 2025
Trading in the early weeks of the 2025 year has been solid, with sales
volumes, as anticipated, ahead of the comparative period. We continue to
expect an increase in market volumes in 2025, with momentum building through
the year. With the benefit of these anticipated year-on-year volume increases,
together with continued effective operational and commercial execution, the
Group expects to make good progress in 2025, with performance expected to be
weighted towards the second half.
The Group is continuing to invest selectively to bring capacity back into the
network where this is supported by improved demand. In line with its
established strategy, the Group has currently secured around two-thirds of its
energy requirements for 2025, with this cover being front-end loaded.
Since 2018, Ibstock has invested over £285 million in its manufacturing
assets, leaving the business well placed for the market recovery. With its
capital investment programme now largely complete, Ibstock has lower cost,
efficient and more sustainable capacity in place, to respond to an increase in
market activity. At full capacity, the upgraded clay factory network can
operate at roughly double the levels of brick output delivered in 2024. From
the foundation of a robust balance sheet, the Group's anticipated strong free
cash flows will provide a solid platform for growth and capital returns in the
years ahead.
We see a significant opportunity for a new era in housebuilding in the UK and,
with the investments we have made and our market leadership positions, the
Group remains well placed to support and benefit from this over the medium
term.
(1)Alternative Performance measures are described in Note 3 to this results
announcement
Chief Financial Officer's report
Introduction
The Group delivered a resilient financial performance in 2024 in a challenging
market, with both adjusted EBITDA(1) and adjusted earnings per share in line
with the guidance given alongside the Group's half year results in August
2024. Both revenue and profit were below the comparative period, principally
reflecting lower sales volumes in the core business, although, as expected, we
saw an improvement in activity as the year progressed.
The Group managed the reduction in sales volumes well, through the disciplined
management of capacity and costs and robust commercial execution.
Group statutory profit before taxation of £20.7 million (2023: £30.1
million), reflected the impact of lower underlying operating profits and an
exceptional charge(1) of £11.7 million (2023: £30.8 million) arising in
relation to the Group's restructuring plan initiated in late 2023 (£6.5
million) and the cessation and wind down of our GRC business (£5.2 million).
The Group maintained a robust balance sheet, with closing net debt(1) of £122
million at 31 December 2024 representing leverage(1) of 1.8 times adjusted
EBITDA(1) (Dec 2023: 1.1 times). This year-end position was achieved through a
resilient cash flow performance which included around £45 million of capital
expenditure (including £28 million of growth expenditure). At 31 December
2024, the Group had £94 million of undrawn committed facilities in place.
With our robust financial position, and inherently cash generative business,
we expect to generate significant cash to support growth and shareholder
returns over the medium term.
Alternative performance measures
This results statement contains alternative performance measures ("APMs") to
aid comparability and further understanding of the financial performance of
the Group between periods. A description of each APM is included in Note 3 to
the financial statements. The APMs represent measures used by management and
the Board to monitor performance against budget, and certain APMs are used in
the remuneration of management and Executive Directors. It is not believed
that APMs are a substitute for, or superior to, statutory measures.
Group results
The table below sets out segmental revenue, profit/(loss) before tax and
adjusted EBITDA(1) for the year
Clay Concrete Central costs(2) Total
£'m £'m £'m £'m
Year ended 31 December 2024
Total revenue 248.8 117.4 - 366.2
Adjusted EBITDA(1) 72.3 14.6 (7.6) 79.4
Margin 29.1% 12.5% 21.7%
Profit/(loss) before tax 29.5 3.5 (12.3) 20.7
Year ended 31 December 2023
Total revenue 292.2 113.6 - 405.8
Adjusted EBITDA(1) 98.8 18.6 (10.1) 107.4
Margin 33.8% 16.4% 26.5%
Profit/(loss) before tax 37.9 5.0 (12.9) 30.1
(1) Alternative Performance Measures are described in Note 3 to the results
announcement
Due to rounding, numbers presented may not add up precisely to the totals
provided and percentages may not precisely reflect the absolute figures
(2) Central costs includes interest charges of £4.6 million (2023: £2.4
million) within Profit/(loss) before tax
Revenue
Group revenues for the 2024 year decreased by 10% to £366.2 million (2023:
£405.8 million), principally reflecting lower sales volumes in the first half
of the year and a modest reduction in average selling prices across the core
business.
In our Clay Division, revenues of £248.8 million represented a reduction of
15% on the prior year (2023: £292.2 million). Volumes reduced year on year
with a modest reduction in average selling price, in part reflecting the
impact of changes in channel and product mix. Activity levels increased
progressively during the year, with revenues during the second half of 2024
around 8% ahead of the first half. As anticipated, market share increased
during the latter part of the year, as we exited the 2024 year with share
back close to the average levels achieved in 2023. Ibstock Futures revenues
(reported in the Clay segment) reduced to £10 million (2023: £12 million)
reflecting reduced industry demand and the decision in the second half of the
2024 year to cease our GRC operations.
In our Concrete Division, revenue increased by 3% year-on-year to £117.4
million (2023: £113.6 million), which included £11.8 million associated with
the Coltman business. Whilst the breadth of end-market exposure helped to
mitigate the impact of the subdued trading conditions, like-for-like
performance was driven by weaker new build residential volumes and reduced
rail infrastructure volumes reflecting the impact of a slow start to Network
Rail Control Period 7.
Adjusted EBITDA(1)
Management measures the Group's operating performance using adjusted EBITDA(1)
and adjusted EBIT(1).
Adjusted EBITDA(1) decreased year on year to £79.4 million in 2024 (2023:
£107.4 million) reflecting the significant reduction in sales volumes, partly
mitigated through variable cost reductions and continued decisive action to
reduce fixed costs. Adjusted EBITDA(1) in 2024 included trading losses of
around £3 million from our GRC operations within Ibstock Futures whilst the
comparative period included a £15 million benefit from the absorption of
fixed cost into inventory.
Adjusted EBITDA(1) margins remained resilient at 21.7%, (2023: 26.5%) despite
the impact of lower sales volumes. Performance benefited from decisive action
to reduce both variable and fixed cost, with the Group achieving a fixed cost
reduction benefit in line with the £20 million per annum targeted at the
beginning of the year.
Within the Clay Division, adjusted EBITDA(1) totalled £72.3 million (2023:
£98.8 million), representing an adjusted EBITDA(1) margin of 29.1% (2023:
33.8%). The reduction in adjusted EBITDA(1) reflected significantly lower
activity levels in residential construction markets, offset by a resilient
contribution margin performance and disciplined and decisive fixed cost
management. The division also benefited from around £2 million in the year
arising from the positive resolution of a gas metering adjustment. The
division recognised a net cost of £6.6 million (2023: £5.0 million) in
Ibstock Futures, as the business continued to both invest in building both
capacity and capability during the year.
Adjusted EBITDA(1) in our Concrete Division decreased to £14.6 million (2023:
£18.6 million). The division experienced a decline in demand within its
residential product and infrastructure categories. Adjusted EBITDA(1) margins
reduced to 12.5% from 16.4% in 2023, as strong cost management partly
mitigated the impact of lower volumes and the effect of weaker mix as rail and
infrastructure volumes reduced as a percentage of total divisional activity.
Central costs decreased to £7.6 million (2023: £10.1 million) reflecting
discretionary cost reduction action and lower variable remuneration costs.
Adjusted EBIT(1)
In order to focus on a more comprehensive measure of operating performance,
the Group has also started to measure and report the Group's performance using
adjusted EBIT(1). Adjusted EBIT(1) is defined as adjusted EBITDA(1) less
underlying depreciation and amortisation.
For the year ended 31 December 2024, adjusted EBIT(1) reduced to £49.6
million (2023: £78.0 million) reflecting reduced trading profits.
Exceptional items(1)
Based on the application of our accounting policy for exceptional items(1),
certain income and expense items have been excluded in arriving at adjusted
EBITDA(1) to aid shareholders' understanding of the Group's underlying
financial performance.
The amounts classified as exceptional(1) in the period totalled a cost of
£11.7 million (2023: £30.8 million gain), comprising:
1. Exceptional costs(1) of £6.5 million arising from the finalisation of the
Group's restructuring programme initiated in late 2023. Within the charge, all
amounts related to cash costs which were settled during the 2024 year.
2. Exceptional costs(1) of £5.2 million arising from the cessation of GRC
activities within Ibstock Futures, comprising asset impairments and severance
costs. Within this charge, £1.5 million represented cash costs, of which
around £1 million remains to be settled during the 2025 year.
Further details of exceptional items(1) are set out in Note 5 of the financial
statements.
Finance costs
Net cash interest paid of £8.6 million was above the prior year (2023: £5.8
million) due to higher levels of average debt during the 2024 year. The Group
continued to benefit from its £100 million private placement at a fixed
coupon of 2.19% per annum. We expect the cash interest expense in the 2025
year to remain at around £9 million.
Statutory net finance costs of £6.4 million increased in the year (2023:
£5.0 million) principally reflecting increased interest expense from higher
utilisation of the Group's RCF, partly offset by increased non-cash interest
income arising from the unwind of discounted provisions.
Profit before taxation
Depreciation and amortisation pre fair value uplift increased modestly to
£29.8 million (2023: £29.3 million) reflecting incremental depreciation on
its clay growth investments. We expect depreciation and amortisation pre fair
value uplift to total around £34 million in 2025, reflecting incremental
depreciation from the Atlas and Nostell factories.
Group statutory profit before taxation of £20.7 million (2023: £30.1
million), reflected the impact of lower underlying operating profits and an
exceptional charge(1) of £11.7 million (2023: £30.8 million) arising from
the Group's restructuring plan initiated in late 2023 and the cessation of GRC
operations.
Taxation
The adjusted ETR(1) (excluding the impact of the deferred tax rate change and
exceptional items(1)) for the 2024 year was 26.0% (2023: 24.6%). The increase
in adjusted ETR from the prior year was due to the increase in the standard
rate of UK corporation tax impacting the full year period. For the 2025 year,
we expect the adjusted ETR to remain at around 26%, reflecting the 25%
headline rate of UK corporation tax and typical levels of non-deductible
expenses.
The Group recognised a statutory taxation charge of £5.6 million (2023: £9.0
million) on Group pre-tax profits of £20.7 million (2023: £30.1 million),
resulting in a statutory effective tax rate ("ETR") of 27.0% (2023: 30.0%)
compared with the average standard rate of UK corporation tax of 25% (2023:
23.5%). The lower tax charge in 2024 arose principally from the reduction in
statutory profits. The higher statutory effective tax rate in 2023 reflected
the one-off impact of the increase in the headline UK rate on the Group's
deferred tax liability.
Earnings per share
Group statutory basic earnings per share (EPS) decreased to 3.8 pence in the
year to 31 December 2024 (2023: 5.4 pence) as a result of the Group's
reduced profit after taxation, reflecting the reduced trading result and
exceptional costs(1) arising from our enterprise restructuring plan and
decision to cease GRC production.
Group adjusted basic EPS(1) of 7.7 pence per share reduced from 13.9 pence in
the prior year, reflecting: a decrease in adjusted EBITDA(1); a higher
interest charge; and a higher adjusted effective tax rate as explained above.
In line with prior years, our adjusted EPS(1) metric removes the impact of
exceptional items(1), the fair value uplifts resulting from our acquisition
accounting and non-cash interest impacts, net of the related taxation
charges/credits. Adjusted EPS(1) has been included to provide a clearer guide
as to the underlying earnings performance of the Group. A full reconciliation
of our adjusted EPS(1) measure is included in Note 7.
Table 1: Earnings per share
2024 2023
pence pence
Statutory basic EPS 3.8 5.4
Adjusted basic EPS(1) 7.7 13.9
Cash flow and net debt(1)
Adjusted operating cash flow increased by £6.1 million to £56.1 million
(2023: £50.0 million), reflecting a reduction in adjusted EBITDA(1) offset
by an improvement in working capital (where a modest increase of £4.5 million
in 2024 was materially below the increase of £37.0 million reported in the
comparative year period). Overall, we anticipate a modest investment in
working capital in 2025, with the typical seasonal increase as at the half
year.
Net interest paid in 2024 increased to £8.6 million (2023: £5.8 million)
reflecting higher average net debt levels as the Group drew down on its
revolving credit facility. Cash tax amounted to a small outflow of £0.5
million (2023: inflow of £0.6 million), as the Group continued to benefit
from the accelerated tax deduction on qualifying capital expenditure. Other
cash outflows of £9.6 million (2023: £14.9 million outflow) principally
comprised lease payments totalling £9.7 million (2023: £10.0 million). The
prior period also included £1.8 million in relation to the purchase of carbon
emission credits and an outflow of £2.7 million in relation to the purchase
of Coltman.
The Cash conversion(1) percentage increased to 71% (2023: 47%), reflecting a
reduction in adjusted EBITDA(1) and a significantly reduced investment in
working capital as inventories were tightly controlled and trade receivables
well managed.
Adjusted free cash flow(1) increased to an inflow of £10.9 million (2023:
outflow of £15.6 million). Capital expenditure of £45.2 million decreased by
£20.5 million on 2023 (£65.7 million), reflecting the Group's reduced
investment in its organic growth projects as they near completion. The 2024
capital expenditure figure comprised £17 million of sustaining expenditure
and £28 million of growth investments, principally on the Atlas and Nostell
factories.
In the 2025 year, sustaining expenditure is anticipated to be around £20
million, with final outflows in respect of the Atlas and Nostell factories
expected to total around £20 million.
Table 2: Cash flow (non-statutory)
2024 2023 Change
£'m £'m £'m
Adjusted EBITDA(1) 79.4 107.4 (28.0)
Adjusted change in working capital(1) (4.5) (37.0) 32.5
Net interest (8.6) (5.8) (2.8)
Tax (0.5) 0.6 (1.1)
Post-employment benefits - (0.3) 0.3
Other(2) (9.6) (14.9) 5.3
Adjusted operating cash flow(1) 56.1 50.0 6.1
Cash conversion(1) 71% 47% +24ppts
Total capex (45.2) (65.7) 20.5
Adjusted free cash flow(1) 10.9 (15.6) 26.5
(1) Alternative Performance Measures are described in Note 3 to the
consolidated financial statements.
(2) Other includes operating lease payments and emission allowance purchases
in all years, and Coltman consideration in 2023
The table above excludes cash flows relating to exceptional items(1) in both
years. During 2024, the Group incurred £11.2 million of exceptional cash
outflows (2023: £4.6 million outflows) relating to the Group's restructuring
programme initiated in late 2023 and the GRC closure. Included in this cash
outflow of £11.2 million were amounts totalling £4.4 million contained
within provisions at the start of the 2024 year.
Net debt(1) (borrowings less cash) at 31 December 2024 totalled £121.6
million (31 December 2023: £100.6 million; 30 June 2024: £137.8 million).
The movement during the 2024 year principally reflected capital expenditure of
£45.2 million.
At 31 December 2024, the Group had drawn £31 million under its Revolving
Credit Facility (RCF), and had £94 million of undrawn committed facilities in
place.
The present value of lease liabilities decreased to around £35 million (2023:
£44 million) due to the completion of a number of operating lease contracts
for mobile plant.
Return on capital employed(1)
Return on capital employed(1) (ROCE) in 2024 reduced to 7.5% (2023: 13.4%)
reflecting a decrease in adjusted operating profit and an increase in the
capital base, as the Group approached the conclusion of its organic investment
programme.
Capital allocation
Our capital allocation framework remains consistent with that laid out in
2020, with the Group focused on allocating capital in a disciplined and
dynamic way.
Our capital allocation framework is set out below:
● Firstly, we will prioritise investment to maintain and enhance our existing
asset base and operations;
● We are focused on a progressive ordinary dividend, with targeted cover of
approximately 2 times underlying earnings through the cycle;
● Thereafter, we will deploy capital for growth, both inorganically and
organically, in accordance with our strategic and financial investment
criteria;
● And, finally, we will return surplus capital to shareholders.
Our framework remains underpinned by our commitment to maintaining a strong
balance sheet, and we will look to maintain leverage at between 0.5 and 1.5
times net debt(1) to adjusted EBITDA(1) excluding the impact of IFRS 16,
through the cycle.
Dividend
The Board has recommended a final dividend of 2.5p per share (2023: 3.6p), for
payment on 30 May 2025 to shareholders on the register on 9 May 2025. This
will bring the full year dividend to 4.0p (2023: 7.0p), representing a pay-out
of 52% of adjusted basic earnings per share.
Pensions
At 31 December 2024, the defined benefit pension scheme ("the scheme") was in
an actuarial accounting surplus position of £7.8 million (2023: surplus of
£9.8 million). Applying the valuation principles set out in IAS19, at the
year end the scheme had asset levels of £330.9 million (31 December 2023:
£373.7 million) against scheme liabilities of £323.1 million (31 December
2023: £363.9 million).
On 20 December 2022, the Scheme completed a full buy-in transaction with a
specialist third-party provider, which represented a significant step in the
Group's continuing strategy of de-risking its pensions exposure. This
transaction, which involved no initial cash payment by the Company, completed
during the 2023 financial year. Together with the partial buy-in transaction
completed in 2020, this insures the vast majority of the Group's defined
benefit liabilities.
In light of the fact that the pension scheme was in a net surplus position
after the full buy-in, the Trustees and the Group agreed that the Group would
suspend further contributions with effect from 1 March 2023.
Climate Change & TCFD
As a long-term, energy intensive business, a commitment to environmental
sustainability and social progress is central to our purpose. In 2022 we
launched the Group's ESG 2030 Strategy and remain committed to this approach.
This strategy provides the framework for actions across three key areas:
● Addressing climate change;
● Improving lives; and,
● Manufacturing materials for life.
At the same time, we have identified material transition and physical risks
associated with climate change and considered the impacts of these on the
financial performance and position of the Company, through our viability
scenario assessment, our impairment testing and assessment of the useful
economic lives of our assets. We have also assessed the resilience of our
business model as part of our strategic planning process. The outputs from
these activities are detailed in our TCFD disclosures contained in the 2024
Annual Report and Accounts.
The Group remains committed to increasing the transparency of reporting around
climate impacts, risks, and opportunities. This year we continued to enhance
our disclosure to ensure full compliance with the recommendations of the Task
Force for Climate-related Financial Disclosures (TCFD) and those of
Climate-related Financial Disclosure (CFD).
Related party transactions
Related party transactions are disclosed in Note 16 to the consolidated
financial statements. During the current and prior year, there have been no
material related party transactions.
Subsequent events
Except for the proposed ordinary dividend, no further subsequent events
requiring either disclosure or adjustment to these financial statements have
arisen since the balance sheet date.
Going concern
The Directors are required to assess whether it is reasonable to adopt the
going concern basis in preparing the financial statements.
In arriving at their conclusion, the Directors have given due consideration to
whether the funding and liquidity resources are sufficient to accommodate the
principal risks and uncertainties faced by the Group.
Having considered the outputs from this work, the Directors have concluded
that it is reasonable to adopt a going concern basis in preparing the
financial statements. This is based on an expectation that the Company and the
Group will have adequate resources to continue in operational existence for at
least twelve months from the date of signing these accounts.
Further information is provided in note 2 of the financial statements.
(1)Alternative Performance measures are described in Note 3 to this results
announcement
Statement of directors' responsibilities in relation to the financial
statements
The 2024 Annual Report and Accounts which will be issued in March 2025,
contains a responsibility statement in compliance with DTR 4.1.12 of the
Listing Rules which sets out that as at the date of approval of the Annual
Report on 4 March 2025, the Directors confirm to the best of their knowledge:
- the Group and unconsolidated Company financial statements, prepared in
accordance with the applicable set of accounting standards, give a true and
fair view of the assets, liabilities, financial position and profit or loss of
the Group and Company, and the undertakings included in the consolidation
taken as a whole; and
- the performance review contained in the Annual Report and Accounts includes
a fair review of the development and performance of the business and the
position of the Group and the undertakings including the consolidation taken
as a whole, together with a description of the principal risks and
uncertainties they face.
This responsibility statement was approved by the Board of Directors on 4
March 2025 and is signed on its behalf by:
Joe Hudson Chris McLeish
Chief Executive Officer Chief Financial Officer
4 March 2025 4 March 2025
CONSOLIDATED INCOME STATEMENT
Notes Year ended Year ended
31 December 2024
31 December 2023
£'000 £'000
Revenue 4 366,207 405,839
Cost of sales (261,650) (290,883)
Gross profit 104,557 114,956
Distribution costs (34,139) (36,797)
Administrative expenses (45,650) (47,623)
Profit on disposal of property, plant and equipment 261 1,957
Other income 2,314 3,312
Other expenses (270) (774)
Operating profit 27,073 35,031
Finance costs (8,287) (5,932)
Finance income 1,894 968
Net finance cost (6,393) (4,964)
Profit before taxation 20,680 30,067
Taxation 6 (5,588) (9,007)
Profit for the financial year 15,092 21,060
Profit attributable to:
Owners of the parent 15,092 21,060
Notes pence per share pence per share
Earnings per share
Basic - continuing operations 7 3.8 5.4
Diluted - continuing operations 7 3.8 5.3
Non-GAAP measure
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Operating profit for
the financial year for continuing operations
Notes Year ended Year ended
31 December 2024
31 December 2023
£'000 £'000
Operating profit 27,073 35,031
Add back exceptional items impacting operating profit 5 11,720 30,762
Add back incremental depreciation and amortisation following fair value uplift 4 10,779 12,250
Adjusted EBIT 49,572 78,043
Add back depreciation and amortisation pre fair value uplift 4 29,778 29,314
Adjusted EBITDA 79,350 107,357
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Notes Year ended Year ended
31 December 2024
31 December 2023
£'000 £'000
Profit for the financial year 15,092 21,060
Other comprehensive expenses:
Items that may be reclassified to profit or loss:
Change in fair value of cash flow hedges (54) (591)
Related tax movements 14 148
(40) (443)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of post-employment benefit assets and obligations 13 (1,457) (5,283)
Related tax movements 437 1,320
(1,020) (3,963)
Other comprehensive expense for the year net of tax (1,060) (4,406)
Total comprehensive income for the year, net of tax 14,032 16,654
Total comprehensive income attributable to:
Owners of the Company 14,032 16,654
CONSOLIDATED BALANCE SHEET
Notes 31 December 2024 31 December 2023
£'000 £'000
Assets
Non-current assets
Intangible assets 73,950 82,017
Property, plant and equipment 462,504 440,400
Right-of-use assets 28,363 39,831
Post-employment benefit asset 13 7,839 9,832
572,656 572,080
Current assets
Inventories 124,819 119,189
Current tax recoverable 1,323 1,171
Trade and other receivables 43,815 37,919
Cash and cash equivalents 9,292 23,872
179,249 182,151
Assets held for sale 200 -
Total assets 752,105 754,231
Current liabilities
Trade and other payables (88,853) (80,526)
Derivative financial instrument (78) (24)
Borrowings 8 (31,425) (25,496)
Lease liabilities (9,471) (9,292)
Provisions 9 (3,010) (6,002)
(132,837) (121,340)
Net current assets 46,612 60,811
Total assets less current liabilities 619,268 632,891
Non-current liabilities
Borrowings 8 (99,427) (98,992)
Lease liabilities (25,611) (34,541)
Deferred tax liabilities (91,940) (89,929)
Provisions 9 (7,027) (9,562)
(224,005) (233,024)
Total liabilities (356,842) (354,364)
Net assets 395,263 399,867
Equity
Share capital 4,096 4,096
Share premium 4,458 4,458
Retained earnings 783,800 790,971
Other reserves 15 (397,091) (399,658)
Total equity 395,263 399,867
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Share premium Retained earnings Other reserves Total equity attributable to owners Non-controlling interest Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 4,096 4,458 790,971 (399,658) 399,867 - 399,867
Profit for the year - - 15,092 - 15,092 - 15,092
Other comprehensive expense - - (1,020) (40) (1,060) - (1,060)
Total comprehensive income/(expense) for the year - - 14,072 (40) 14,032 - 14,032
Transactions with owners:
Share-based payments - - 1,253 - 1,253 - 1,253
Current tax on share-based payment - - 18 - 18 - 18
Deferred tax on share-based payment - - 124 - 124 - 124
Equity dividends paid - - (20,031) - (20,031) - (20,031)
Issue of own shares held on exercise of share options - - (2,607) 2,607 - - -
At 31 December 2024 4,096 4,458 783,800 (397,091) 395,263 - 395,263
Share capital Share premium Retained earnings Other reserves Total equity attributable to owners Non-controlling interest Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2023 4,096 4,458 807,894 (400,290) 416,158 51 416,209
Profit for the year - - 21,060 - 21,060 - 21,060
Other comprehensive expense - - (3,963) (443) (4,406) - (4,406)
Total comprehensive income/(expense) for the year - - 17,097 (443) 16,654 - 16,654
Transactions with owners:
Share-based payments - - 2,308 - 2,308 - 2,308
Deferred tax on share-based payment - - (147) - (147) - (147)
Equity dividends paid - - (34,907) - (34,907) - (34,907)
Issue of own shares held on exercise of share options - - (1,075) 1,075 - - -
Acquisition of subsidiary with NCI - - (199) - (199) (51) (250)
At 31 December 2023 4,096 4,458 790,971 (399,658) 399,867 - 399,867
CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
31 December 2024
31 December 2023
£'000 £'000
Cash flow from operating activities
Cash generated from operations 11 62,906 63,656
Interest paid (6,257) (3,667)
Other interest paid - lease liabilities (2,494) (2,368)
Tax paid (500) 630
Net cash inflow from operating activities 53,655 58,251
Cash flows from investing activities
Purchase of property, plant and equipment (45,235) (65,653)
Proceeds from sale of property plant and equipment 379 2,070
Purchase of intangible assets - (2,423)
Settlement of deferred consideration 171 (112)
Payment for acquisition of subsidiary undertaking, net of cash acquired 14 - (2,642)
Interest received 139 257
Net cash outflow from investing activities (44,546) (68,503)
Cash flows from financing activities
Dividends paid (20,031) (34,907)
Drawdown of borrowings 87,000 30,000
Repayment of borrowings (81,000) (5,000)
Repayment of lease liabilities (9,651) (9,986)
Acquisition of non-controlling interests - (250)
Net cash outflow from financing activities (23,682) (20,143)
Net decrease in cash and cash equivalents (14,573) (30,395)
Cash and cash equivalents at beginning of the year 23,872 54,283
Exchange losses on cash and cash equivalents (7) (16)
Cash and cash equivalents at end of the year 9,292 23,872
Reconciliation of changes in cash and cash equivalents to movement in net debt
Year ended Year ended
31 December 2024
31 December 2023
£'000 £'000
Net decrease in cash and cash equivalents (14,573) (30,395)
Proceeds from borrowings (87,000) (30,000)
Repayment of borrowings 81,000 5,000
Non-cash debt movement (364) 717
Effect of foreign exchange rate changes (7) (16)
Movement in net debt (20,944) (54,694)
Net debt at start of year (100,616) (45,922)
Net debt at end of year (Note 3) (121,560) (100,616)
Comprising:
Cash and cash equivalents 9,292 23,872
Short-term borrowings (Note 8) (31,425) (25,496)
Long-term borrowings (Note 8) (99,427) (98,992)
(121,560) (100,616)
1. AUTHORISATION OF FINANCIAL STATEMENTS
The consolidated financial statements of Ibstock Plc, which has a premium
listing on the London Stock Exchange, for the year ended 31 December 2024 were
authorised for issue in accordance with a resolution of the Directors on 4
March 2025. The balance sheet was signed on behalf of the Board by J Hudson
and C McLeish. Ibstock Plc is a public company limited by shares, which is
incorporated and registered in England. The registered office is Leicester
Road, Ibstock, Leicestershire, LE67 6HS and the company registration number is
09760850.
2. BASIS OF PREPARATION
The consolidated financial statements of Ibstock Plc for the year ended 31
December 2024 have been prepared in accordance with UK adopted IAS in
conformity with the requirements of the Companies Act 2006 and in accordance
with UK adopted IFRS, The comparative financial information has also been
prepared on this basis.
The financial information set out does not constitute the Company's statutory
accounts for the year ended 31 December 2024 but is derived from those
accounts. Statutory accounts for 2024 will be delivered to the registrar of
companies in due course. The auditors have reported on those accounts; their
reports were (i) unqualified, (ii) did not include a reference to any matters
to which the auditors drew attention by way of emphasis without qualifying
their report and (iii) did not contain a statement under Section 498 (2) or
(3) of the Companies Act 2006 in respect of the accounts for 2024. The
consolidated financial statements are presented in Pounds Sterling and all
values are rounded to the nearest thousand (£'000) except where otherwise
indicated. The significant accounting policies are set out below.
Basis of consolidation
The consolidated financial statements of Ibstock Plc for the year ended 31
December 2024 have been prepared in accordance with UK adopted International
Accounting Standards (IAS). The financial statements of subsidiaries are
prepared for the same reporting period as the Parent Company, using consistent
accounting policies. All intra-Group balances, transactions, income and
expenses and profit and losses resulting from intra-Group transactions have
been eliminated in full.
Subsidiaries are consolidated from the date on which the Group obtains control
and cease to be consolidated from the date on which the Group no longer
retains control. The Group controls an entity when the Group is exposed to, or
has rights to, variable returns from its involvement with the entity and has
the ability to affect those returns through its power over the entity.
Going concern
Despite the macroeconomic downturn, there are initial positive external market
indicators with inflation and mortgage rates stabilising, and proposed housing
and planning policy changes which could increase both housing construction
activity and effective demand for housing looking forward. The directors do
not believe that the going concern basis of preparation represents a
significant judgement.
The Group's financial planning and forecasting process consists of a budget
for the next year followed by a medium-term projection. The Directors have
reviewed and robustly challenged the assumptions about future trading
performance, operational and capital expenditure and debt requirements within
these forecasts including the Group's liquidity and covenant forecasts, and
stress testing within their going concern assessment.
In arriving at their conclusion on going concern, the Directors have given due
consideration to whether the funding and liquidity resources above are
sufficient to accommodate the principal risks and uncertainties faced by the
Group, particularly those relating to economic conditions and operational
disruption. The strategic report sets out in more detail the Group's approach
and risk management framework.
Group forecasts have been prepared which reflect both actual conditions and
estimates of the future reflecting macroeconomic and industry-wide
projections, as well as matters specific to the Group.
The Group has financing arrangements comprising £100 million of private
placement notes with maturities between November 2028 and November 2033, and a
£125 million RCF maturing in November 2026. The Group believes it would be
able to refinance these arrangements as they fall due or obtain equivalent
alternative sources of finance. At 31 December 2024 the RCF was £31.0 million
drawn.
Covenants under the Group's RCF and private placement notes require leverage
of no more than 3 times net debt to adjusted EBITDA, and interest cover of no
less than 4 times, tested bi-annually at each reporting date with reference to
the previous 12 months. At 31 December 2024 covenant requirements were met
with significant headroom.
The key uncertainty faced by the Group is the industry demand for its
products. Accordingly, the Group has modelled financial scenarios which see
reduction in the industry demand for its products thereby stress testing the
Group's resilience. For each scenario, cash flow and covenant compliance
forecasts have been prepared. In the most severe but plausible scenario
industry demand for Clay and Concrete products is projected to be around 40%
lower than 2022 (which is defined as the normalised level of industry demand
for the Group's products) in the 2025 year, which is worse than the sales
reduction seen in both 2023 and 2024, recovering to around 30% lower than 2022
in 2026.
In the severe but plausible scenario, the Group has sufficient liquidity and
headroom against its covenants, with covenant headroom expressed as a
percentage of annual adjusted EBITDA being in excess of 20%.
In addition, the Group has prepared a reverse stress test to evaluate the
industry demand reduction at which it would be likely to breach the debt
covenants, before any further mitigating actions are taken. This test
indicates that, at a reduction of 46% in sales volumes versus 2022 levels, in
2025 and a reduction of 48% in the first half of 2026, the Group would be at
risk of breaching its covenants.
The Directors consider this to be a highly unlikely scenario, and in the event
of an anticipated covenant breach, the Group would seek to take further steps
to mitigate, including the disposal of valuable land and building assets and
additional restructuring steps to reduce the fixed cost base of the Group.
Having taken account of the various scenarios modelled, and in light of the
mitigations available to the Group, the Directors are satisfied that the Group
has sufficient resources to continue in operation for a period of not less
than 12 months from the date of this report. Accordingly, the consolidated
financial information has been prepared on a going concern basis.
3. ALTERNATIVE PERFORMANCE MEASURES
Alternative Performance Measures ("APMs") are used within this report where
the directors believe it is necessary to do so in order to provide further
understanding of the financial performance of the Group. The Group uses APMs
in its own assessment of performance and in order to plan the allocation of
internal capital and resources. Certain APMs are also used in the remuneration
of senior management and executive directors.
APMs serve as supplementary information for users of the financial statements
and are not intended to be a substitute for, or superior to, statutory
measures. None of the APMs are outlined within IFRS and they may not be
comparable with similarly titled APMs used by other companies.
Exceptional items
The Group presents as exceptional at the foot of the Group's Condensed
consolidated income statement those items of income and expense which, because
of their materiality, nature and/or expected infrequency of the events giving
rise to them, merit separate presentation to allow users of the financial
statements to understand further elements of financial performance in the
year. This facilitates comparison with comparative periods and the assessment
of trends in financial performance over time.
Details of all exceptional items are disclosed in Note 5.
Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA margin
In the current year, the Directors have introduced Adjusted EBIT as a new APM
as it represents a more comprehensive measure of profit than adjusted EBITDA
and given its use as a key remuneration measure for senior management.
Adjusted EBIT represents earnings before interest and taxation and is adjusted
to exclude exceptional items and the incremental depreciation and amortisation
arising from historic fair value uplifts.
Adjusted EBITDA is earnings before interest, taxation, depreciation and
amortisation and is adjusted to exclude exceptional items. Adjusted EBITDA
margin is Adjusted EBITDA expressed as a proportion of revenue.
The Directors regularly use Adjusted EBIT and Adjusted EBITDA margin as key
performance measures in assessing the Group's profitability. The measures are
considered useful to users of the financial statements as they represent
common APMs used by investors in assessing a company's operating performance,
when comparing its performance across periods as well as being used in the
determination of Directors' variable remuneration.
A full reconciliation of Adjusted EBIT and Adjusted EBITDA is included at the
foot of the Group's Condensed consolidated income statement within the
consolidated financial statements. Adjusted EBITDA margin is included within
Note 4.
Adjusted EPS
Adjusted EPS is the basic earnings per share adjusted for exceptional items
and fair value adjustments (being the amortisation and depreciation on fair
value uplifted assets and non-cash interest), net of the associated taxation
on these adjusting items.
The Directors have presented Adjusted EPS as they believe the APM represents
useful information to the user of the financial statements in assessing the
performance of the Group, when comparing its performance across periods, as
well as being used in the determination of Directors' variable remuneration.
Additionally, the APM is considered by the Board when determining the proposed
level of ordinary dividend. A full reconciliation is provided in Note 7.
Net debt and Net debt to adjusted EBITDA ("leverage") ratio
Net debt is defined as the sum of cash and cash equivalents less total
borrowings at the balance sheet date. This does not include lease liabilities
arising upon application of IFRS 16 in order to align with the Group's banking
facility covenant definition.
The Net debt to adjusted EBITDA ratio definition removes the operating lease
expense benefit generated from IFRS16 compared to IAS 17 within adjusted
EBITDA.
The Directors disclose these APMs to provide information as a useful measure
for assessing the Group's overall level of financial indebtedness and when
comparing its performance and position across periods.
A full reconciliation of the net debt to adjusted EBITDA ratio (also referred
to as 'leverage') is set out below:
Year ended Year ended
31 December 2024
31 December 2023
£'000 £'000
Net debt (121,560) (100,616)
Adjusted EBITDA 79,350 107,357
Impact of IFRS 16 (12,134) (12,134)
Adjusted EBITDA prior to IFRS 16 67,216 95,223
Ratio of net debt to adjusted EBITDA 1.8x 1.1x
Adjusted Return on Capital Employed (Adjusted ROCE)
Adjusted Return on Capital Employed ("Adjusted ROCE") is defined as Adjusted
earnings before interest and taxation as a proportion of the average capital
employed (defined as net debt plus equity excluding the pension surplus). The
average is calculated using the period end balance and corresponding preceding
reported period end balance (year end or interim).
The Directors disclose the Adjusted ROCE APM in order to provide users of the
financial statements with an indication of the relative efficiency of capital
use by the Group over the period, assessing performance between periods as
well as being used within the determination of executives' variable
remuneration.
The calculation of Adjusted ROCE is set out below:
Year ended Year ended
31 December 2024
31 December 2023
£'000 £'000
Adjusted EBITDA 79,350 107,357
Less depreciation (33,495) (34,626)
Less amortisation (7,062) (6,938)
Adjusted earnings before interest and taxation 38,793 65,793
Average net debt 129,699 94,863
Average equity 394,836 407,061
Average pension (8,305) (10,160)
Average capital employed 516,230 491,764
Adjusted ROCE 7.5% 13.4%
Average capital employed figures are derived using the following closing
balance sheet values:
31 December 2024 30 June 2024 31 December 2023 30 June 2023
£'000 £'000 £'000 £'000
Net debt 121,560 137,838 100,616 89,110
Equity 395,263 394,409 399,867 414,254
Less: Pension assets (7,839) (8,771) (9,832) (10,488)
Capital employed 508,984 523,476 490,651 492,876
Adjusted effective tax rate
The Group presents an adjusted effective tax rate (Adjusted ETR) within its
Financial Review. This is disclosed in order to provide users of the financial
statements with a view of the rate of taxation borne by the Group adjusted for
exceptional items, fair value adjustments (being the amortisation and
depreciation on fair value uplifted assets), non-cash interest and changes in
taxation rates on deferred taxation.
A reconciliation of the adjusted ETR to the statutory UK rate of taxation is
included in Note 6.
Cash flow related APMs
The Group presents an adjusted cash flow statement within its Financial
Review. This is disclosed in order to provide users of the financial
statements with a view of the Group's operating cash generation before the
impact of cash flows associated with exceptional items (as set out in Note 5)
and stated after interest, lease payment and non-exceptional property
disposal-related cash flows.
The Directors use this APM table to allow shareholders to further understand
the Group's cash flow performance in the period, to facilitate comparison with
comparative periods and to assess trends in financial performance. This table
contains a number of APMs, as described below and reconciled in the following
table.
Adjusted change in working capital:
Adjusted change in working capital represents the statutory change in working
capital adjusted for the changes associated with exceptional items arising in
the year of £3.1 million (2023: £5.4 million).
Adjusted operating cash flow:
Adjusted operating cash flows are the cash flows arising from operating
activities adjusted to add back cash flows relating to exceptional items of
£11.2 million (2023: add back cash flows of £4.6 million) but stated after
cash flows associated with: interest income; proceeds from the sale of
property, plant and equipment; purchase of intangibles; and lease payments
reclassified from investing or financing activities totalling £9.0 million
(2023: £12.8 million).
Cash conversion:
Cash conversion is the ratio of Adjusted operating cash flow (defined above)
to Adjusted EBITDA (defined above). The Directors believe this APM provides a
useful measure of the Group's efficiency of its cash management during the
period.
Adjusted free cash flow:
Adjusted free cash flow represents Adjusted operating cash flow (defined
above) less total capital expenditure. The Directors use the measure of
Adjusted free cash flow as a measure of the funds available to the Group for
the payment of distributions to shareholders, for use within M&A activity
and other investing and financing activities.
Year ended 31 December 2024 Statutory Exceptional Reclassification Adjusted
£'000 £'000 £'000 £'000
Adjusted EBITDA 67,630 11,720 - 79,350
Change in working capital (7,627) 3,103 - (4,524)
Impairment charges 3,832 (3,832) - -
Net interest (8,751) - 139 (8,612)
Tax (500) - - (500)
Post-employment benefits 959 - (959) -
Other (1,644) 212 (8,142) (9,574)
Adjusted operating cash flow 53,899 11,203 (8,962) 56,140
Cash conversion 71%
Total capex (45,235) - - (45,235)
Adjusted free cash flow 8,664 11,203 (8,962) 10,905
Year ended 31 December 2023 Statutory Exceptional Reclassification Adjusted
£'000 £'000 £'000 £'000
Adjusted EBITDA 76,595 30,762 - 107,357
Change in working capital (31,636) (5,355) - (36,991)
Impairment charges 20,599 (20,599) - -
Net interest (6,035) - 257 (5,778)
Tax 630 - - 630
Post-employment benefits 790 - (1,081) (291)
Other (2,692) (177) (12,012) (14,881)
Adjusted operating cash flow 58,251 4,631 (12,836) 50,046
Cash conversion 47%
Total capex (65,653) - - (65,653)
Adjusted free cash flow (7,402) 4,631 (12,836) (15,607)
4. SEGMENT REPORTING
The Directors consider the Group's reportable segments to be the Clay and
Concrete Divisions.
One of the key Group performance measures is Adjusted EBITDA, as detailed
below, which is defined in Note 3. The tables, below, present revenue and
Adjusted EBITDA and profit before taxation for the Group's segments.
Included within the "Unallocated and elimination" columns in the tables below
are costs including share-based payments and Group employment costs.
Unallocated assets and liabilities are pensions, taxation and certain
centrally held provisions. Eliminations represent the removal of inter-company
balances. Transactions between segments are carried out at arm's length. There
is no material inter-segmental revenue, and no aggregation of segments has
been applied.
For all the periods presented, the activities of Ibstock Futures were managed
and reported as part of the Clay Division. Consequently, the position and
performance of Ibstock Futures for all periods has been classified within the
Clay segment.
Year ended
31 December 2024
Clay Concrete Unallocated & elimination Total
£'000 £'000 £'000 £'000
Total revenue 248,764 117,443 - 366,207
Adjusted EBITDA 72,287 14,646 (7,583) 79,350
Adjusted EBITDA margin 29.1% 12.5% 21.7%
Exceptional items impacting operating profit (see Note 5) (11,336) (384) - (11,720)
Depreciation and amortisation pre fair value uplift (24,188) (5,446) (144) (29,778)
Incremental depreciation and amortisation following fair value uplift (5,926) (4,853) - (10,779)
Net finance costs (1,303) (509) (4,581) (6,393)
Profit/(loss) before tax 29,534 3,454 (12,308) 20,680
Taxation (5,588)
Profit for the year 15,092
Consolidated total assets 611,544 127,371 13,190 752,105
Consolidated total liabilities (168,917) (48,023) (139,902) (356,842)
Non-current assets
Consolidated total intangible assets 52,649 21,301 - 73,950
Property, plant and equipment 411,111 51,393 - 462,504
Right-of-use assets 19,300 8,541 522 28,363
Total 483,060 81,235 522 564,817
Total non-current asset additions 49,381 4,050 - 53,431
Included within revenue for the year ended 31 December 2024 were £0.1 million
of bill and hold transactions in the Concrete Division. At 31 December 2024,
£0.1 million of inventory relating to these bill and hold transactions
remained on the Concrete Division's premises. Additionally, £0.1 million of
inventory related to bill and hold sales in previous years remained on the
Concrete Division's premises and £0.4 million on the Clay Division's
premises. The unallocated segment balance includes the fair value of the
Group's share based payments and associated taxes (£1.5 million), plc Board
and other plc employment costs (£5.2 million), pension costs (£1.0 million)
and legal/administrative expenses (£3.6 million) These costs have been offset
by research and development taxation credits (£2.6 million) and segmental
recharges (£1.1 million). During the current period, one customer accounted
for greater than 10% of Group revenues with £55.7 million of sales across the
Clay and Concrete divisions.
Year ended 31 December 2023
Clay Concrete Unallocated & elimination Total
£'000 £'000 £'000 £'000
Total revenue 292,220 113,619 - 405,839
Adjusted EBITDA 98,847 18,623 (10,113) 107,357
Adjusted EBITDA margin 33.8% 16.4% 26.5%
Exceptional items impacting operating profit (see Note 5) (28,170) (2,404) (188) (30,762)
Depreciation and amortisation pre fair value uplift (23,406) (5,733) (175) (29,314)
Incremental depreciation and amortisation following fair value uplift (7,374) (4,876) - (12,250)
Net finance costs (2,015) (569) (2,380) (4,964)
Profit/(loss) before tax 37,882 5,041 (12,856) 30,067
Taxation (9,007)
Profit for the year 21,060
Consolidated total assets 610,867 133,502 9,862 754,231
Consolidated total liabilities (174,062) (46,127) (134,175) (354,364)
Non-current assets
Consolidated total intangible assets 56,178 25,839 - 82,017
Property, plant and equipment 389,165 51,235 - 440,400
Right-of-use assets 29,915 9,310 606 39,831
Total 475,258 86,384 606 562,248
Total non-current asset additions 62,837 6,654 - 69,491
Included within revenue for the year ended 31 December 2023 were £1.1 million
of bill and hold transactions in the Clay Division. At 31 December 2023, £1.1
million of inventory relating to these bill and hold transactions remained on
the Clay Division's premises. Additionally, £0.1 million of inventory related
to bill and hold sales in previous years remained on the Concrete Division's
premises. The unallocated segment balance includes the fair value of the
Group's share-based payments and associated taxes (£2.5 million), plc Board
and other plc employment costs (£5.4 million), pension costs (£1.1 million)
and legal/administrative expenses (£3.5 million). These costs have been
offset by research and development taxation credits (£2.4 million). During
2023, one customer accounted for greater than 10% of Group revenues with
£70.6 million of sales across the Clay and Concrete Divisions.
5. EXCEPTIONAL ITEMS
Year ended 31 December 2024 Year ended 31 December 2023
£'000 £'000
Exceptional cost of sales
Impairment charge - Property, plant and equipment (1,126) (15,397)
Impairment charge - Right-of-use assets (2,706) (1,181)
Impairment charge - working capital - (4,022)
Total impairment charge (3,832) (20,600)
Redundancy costs (581) (7,470)
Costs associated with the closure of sites (5,358) (1,196)
Total exceptional cost of from sales (9,771) (29,266)
Exceptional administrative expenses:
Redundancy costs (992) (1,496)
Other costs associated with restructuring programme (957) -
Total exceptional administrative expenses (1,949) (1,496)
Exceptional items impacting operating profit (11,720) (30,762)
Total exceptional items (11,720) (30,762)
During the 2024 year, the total exceptional charge arising from the enterprise
restructuring programme initiated in late 2023 was £6.5 million, while the
total charge arising from the decision to cease glass reinforced concrete
(GRC) operations was £5.2 million.
2024
Included within the current year are the following exceptional items:
Exceptional cost of sales
Impairment charges arising in the current year relate to the impairment of
non-current assets as set out in Note 10. Due to their materiality and
non-recurring nature, these costs have been categorised as exceptional.
Redundancy costs relate to the severance for employees engaged in production
activities following the Group's announced restructuring activities. These
costs have been categorised as exceptional due to their materiality, and
unusual and non-recurring nature of the events giving rise to the costs.
Costs associated with the closure of sites relate to other costs incurred as
part of its single co-ordinated plan arising as a result of the Group's
restructuring decisions in prior year. These costs mainly include closed site
security and decommissioning activities.
Exceptional administration expenses
Exceptional redundancy costs arising in the current period relate to costs of
redundancy of employees within the Group's selling, general and administrative
("SG&A") functions following the Group's restructuring announced in
October 2023 and the GRC closure announced in October 2024.
The costs have been treated as exceptional due to their materiality, and the
unusual and non-recurring nature of the event giving rise to the costs.
Other costs associated with closure of site relate to other SG&A costs
directly attributable to the Group's cessation of the GRC business announced
in October 2024.
2023
Included within 2023 are the following exceptional items:
Exceptional cost of sales
Impairment charges arising in 2023 relate to the impairment of non-current
assets and working capital items. Due to their materiality and non-recuring
nature, these costs had been categorised as exceptional.
Redundancy costs relate to employees engaged in production activities
following the Group's announced restructuring activity in response to the
deterioration in near-term demand outlook caused by a market downturn. These
costs had been categorised as exceptional due to their materiality, and
unusual and non-recurring nature of the events giving rise to the costs.
Costs associated with the closure of sites relate to other costs incurred as a
result of the Group's restructuring decisions during 2023. These costs include
closed site security and decommissioning activities.
Exceptional administration expenses
Exceptional redundancy costs recognised in 2023 relate to costs of redundancy
of employees within the Group's selling, general and administrative
("SG&A") functions following the Group's announced restructuring in
October 2023. The costs had been treated as exceptional due to their
materiality, and the unusual and non-recurring nature of the event giving rise
to the costs.
Cash flow on exceptional items(1)
Exceptional cash costs of £8.1 million (2023: £10.2 million) arose as a
result of the Group's rationalisation and closure of sites as part of its
restructuring plans, of which £6.8 million (2023: £4.6 million) was cash
settled in the year as detailed in Note 3. The exceptional non-cash charge of
£ 3.6 million (2023: £20.6 million) comprised an impairment charge of £3.8
million associated with the Group's closure of GRC as detailed in Note 10 and
a £0.2 million credit upon true up of the 2023 restructuring plan.
Total cash outflows of £11.2 million in relation to exceptional items in the
2024 year comprised £6.8 million relating to in-year exceptional charges and
the settlement of provisions within the opening balance sheet totalling £4.4
million.
Tax on exceptional items
In the current year, impairment charges arising on non-current assets are not
tax deductible but give rise to a deferred tax credit in the period. The
redundancy and site closure costs are treated as tax deductible in the period.
The total tax credit on exceptional items was £2.9 million (2023: £7.0
million).
6. TAXATION
Year ended 31 December 2024 Total statutory Percentage Exceptional and other adjusting items Percentage Adjusted PBT Percentage
£'000
£'000
£'000
Profit before tax 20,680 100% 20,280 100% 40,960 100%
Profit before tax multiplied by the rate of corporation tax in the UK 5,170 25.00% 5,070 25.00% 10,240 25.00%
Effects of:
Expenses not deductible / items not taxable 967 4.68% - - 967 2.36%
Permanent benefit of super-deduction on capital expenditure - - - - - -
Changes in estimates relating to prior periods (549) (2.65%) - - (549) (1.34%)
Rate change on deferred tax provision - - - - - -
Total taxation expense from continuing operations 5,588 27.03% 5,070 25.00% 10,658 26.02%
Year ended 31 December 2023 Total statutory Percentage Exceptional and other adjusting items Percentage Adjusted PBT Percentage
£'000
£'000
£'000
Profit before tax 30,067 100% 42,186 100% 72,253 100%
Profit before tax multiplied by the rate of corporation tax in the UK 7,067 23.50% 9,913 23.50% 16,980 23.50%
Effects of:
Expenses not deductible / items not taxable 1,175 3.91% (278) (0.66%) 897 1.24%
Permanent benefit of super-deduction on capital expenditure (292) (0.97%) - - (292) (0.40%)
Changes in estimates relating to prior periods 195 0.65% - - 195 0.27%
Changes in taxation rate on deferred tax 862 2.87% (862) (2.04%) - -
Total taxation expense from continuing operations 9,007 29.95% 8,773 20.80% 17,780 24.61%
7. EARNINGS PER SHARE
The basic earnings per share figures are calculated by dividing profit for the
year attributable to the parent shareholders by the weighted average number of
Ordinary Shares in issue during the year. The diluted earnings per share
figures allow for the dilutive effect of the conversion into Ordinary Shares
of the weighted average number of options outstanding during the year. Where
the average share price for the year is lower than the option price the
options become anti-dilutive and are excluded from the calculation. The number
of shares used for the earnings per share calculation are as follows:
Year ended Year ended
31 December 2024
31 December 2023
(000s) (000s)
Basic weighted average number of Ordinary Shares 393,091 392,217
Effect of share incentive awards and options 3,372 3,437
Diluted weighted average number of Ordinary Shares 396,463 395,654
The calculation of adjusted earnings per share is a key measurement used by
management that is not defined by IFRS. The adjusted earnings per share
measures should not be viewed in isolation but rather treated as supplementary
information.
Adjusted earnings per share figures are calculated as the Basic earnings per
share adjusted for exceptional items, and fair value adjustments (being the
amortisation and depreciation on fair value uplifted assets and non-cash
interest expenses). Adjustments are made net of the associated taxation on the
adjusted items. A reconciliation of the statutory profit to that used in the
adjusted earnings per share(1) calculations is as follows:
Year ended Year ended
31 December 2024
31 December 2023
£'000 £'000
Profit for the period attributable to the parent shareholders 15,092 21,060
Add back exceptional items (Note 5) 11,720 30,762
Less back tax credit on exceptional items (2,930) (6,952)
Add back incremental depreciation and amortisation following fair value uplift 10,779 12,250
Less tax credit on incremental depreciation and amortisation following fair (2,695) (2,878)
value uplift
Less net non-cash interest (2,219) (826)
Add back tax expense on non-cash interest 555 194
Add back impact of deferred taxation rate change - 844
Adjusted profit for the period attributable to the parent shareholders 30,302 54,454
Year ended Year ended
31 December 2024
31 December 2023
pence pence
Basic EPS on profit for the year 3.8 5.4
Diluted EPS on profit for the year 3.8 5.3
Adjusted basic EPS on profit for the year 7.7 13.9
Adjusted diluted EPS on profit for the year 7.6 13.8
8. BORROWINGS
£'000 £'000
Current
Private Placement 339 333
Revolving Credit Facility 31,086 25,163
31,425 25,496
Non-current
Private Placement 99,427 98,992
99,427 98,992
Total borrowings 130,852 124,488
At current and prior year end, the Group held £100 million of private
placement notes from PRICOA Private Capital, with maturities of between 2028
and 2033 and an average total cost of funds of 2.19% (range 2.04% - 2.27%).
The agreement contains debt covenant requirements of leverage (net debt to
adjusted EBITDA) and interest cover (adjusted EBITDA to net finance charges)
of no more than 3 times and at least 4 times, respectively, tested
semi-annually on 30 June and 31 December in respect of the preceding 12-month
period.
Additionally, a £125 million RCF facility is held with a syndicate of five
banks for an initial four year period ending in November 2025, which was
extended to November 2026 in 2022. Interest is charged at a margin (depending
upon the ratio of net debt to Adjusted EBITDA) of between 160bps and 260bps
above SONIA, SOFR or EURIBOR according to the currency of the borrowing. The
facility also includes an additional £50 million uncommitted accordion
facility. Based on current leverage, the Group will pay interest under the RCF
initially at a margin of 210bps which is expected to increase to a margin of
210bps in the second quarter of 2025 as a result of an increase the Group's
leverage. This facility contains debt covenant requirements that align with
those of the private placement with the same testing frequency. As at 31
December 2024 the RCF was drawn down by £31.0 million (2023: £25.0 million).
The carrying values of financial liabilities have been assessed as materially
in line with their fair values, with the exception of £100 million of private
placement notes. The fair value of these borrowings has been assessed as
£87.8 million (2023: £88.3 million).
No security is provided over the Group's borrowings.
9. PROVISIONS
£'000 £'000
Restoration (i) 4,405 5,489
Dilapidations (ii) 3,816 4,620
Restructuring (iii) 1,397 5,037
Other (iv) 419 418
10,037 15,564
Current 3,010 6,002
Non-current 7,027 9,562
10,037 15,564
(i) The restoration provision comprises obligations governing site remediation
and improvement costs to be incurred in compliance with applicable
environmental regulations together with constructive obligations stemming from
established practice once the sites have been fully utilised. Provisions are
based upon management's best estimate of the ultimate cash outflows. The key
estimates associated with calculating the provision relate to the cost per
acre to perform the necessary remediation work as at the reporting date
together with determining the expected year of retirement. Climate change is
specifically considered at the planning stage of developments when restoration
provisions are initially estimated. This includes projection of costs
associated with future water management requirements and the form of the
ultimate expected restoration activity. Other changes to legislation,
including in relation to climate change, are factored into the provisions when
legislation becomes enacted. Estimates are reviewed and updated annually based
on the total estimated available reserves and the expected mineral extraction
rates. Whilst an element of the total provision will reverse in the
medium-term (one to ten years), the majority of the legal and constructive
obligations applicable to mineral-bearing land will unwind over a greater than
twenty-year timeframe. In discounting the related obligations, expected future
cash outflows have been determined with due regard to extraction status and
anticipated remaining life. Discount rates used are based upon UK Government
bond rates with similar maturities.
(ii) Provisions for dilapidations are recognised on a lease-by-lease basis and
are based on the Group's best estimate of the likely contractual cash
outflows, which are estimated to occur over the lease term. Third party
valuation experts are used periodically in the determination of the best
estimate of the contractual obligation, with expected cash flows discounted
based upon UK Government bond rates with similar maturities.
(iii) The restructuring provision comprised obligations arising from the
completion of the Group's review of operations announced in October 2023 and
the restructuring of the GRC business announced in October 2024. The
restructuring involved site closures and associated redundancy costs. The key
estimates associated with the provision relate to redundancy costs per
impacted employee. All of the cost is expected to be incurred within one year
of the balance sheet date.
(iv) Other provisions include provisions for legal and warranty claim costs,
which are expected to be incurred within one year of the balance sheet date.
10. IMPAIRMENT
In the year, in light of the lower activity levels across the UK construction
industry, management identified indicators of potential impairment.
Subsequently recoverable amounts across the Group's cash-generating units
(CGUs) were calculated and compared with the carrying value of the assets that
were allocated to the relevant CGUs.
For tangible asset impairment testing purposes, the Group has determined that
each factory is a separate Cash Generating Unit (CGU), with the exception of:
Leighton Buzzard and Stretton which are considered as one roofing CGU and
Bedford and Barnwell which are considered as one Southern fencing and building
CGU in the Concrete Segment. Due to the production and supply arrangements
made in 2024, Thornley and Northwich are no longer considered as one Rail CGU
as in 2023; instead, they are considered as separate CGUs.
For intangible asset impairment testing, the Group has determined that each
legal entity is a separate CGU as this is the lowest level at which the
intangible assets can be directly attributed.
Following announcement of the cessation of the glass reinforced concrete (GRC)
business, in the Clay segment, management performed detailed impairment
testing for the carrying value of the assets associated with the operation.
The Group determined the recoverable amount based on the fair value less costs
to disposal ("FVLCTD"). This assessment falls within level 3 of the fair value
hierarchy and was based on management's judgement that the assets could not be
sold for any value, this being the assumption the recoverable amount is most
sensitive to.
Determination of FVLCTD by management reflected full impairment of all items
of plant and machinery, building improvement and right-of-use (ROU) assets for
which management's assessment was that no alternative use, future salvage
value or disposal proceeds are expected for the impacted assets.
This assessment of impairment resulted in the recognition of an exceptional
impairment charge of £3.8 million (2023: £20.6 million) within cost of sales
within the Group's consolidated income statement.
The impairment of assets valued at historical cost impacted the Clay segment
of the Group in the current period as follows:
Clay
£'000
Leasehold improvement 852
Plant, machinery and equipment 274
Right-of-use assets 2,706
Total 3,832
Additionally, management completed detailed impairment testing based on
value-in-use ("VIU"), for the Group's other operating CGUs as at 31 December
2024.
The key assumptions used within the VIU calculation is noted below:
Management has used the latest Board approved budget and strategic planning
forecasts in its estimated future cash flows, covering the period 2025 to
2029, which includes assumptions regarding industry demand for the Group's
products.
Clay CGUs:
For the Clay division, these forecasts assume a return to normalised levels of
industry demand for the Group's products (defined as a level of demand in line
with the 2022 year) over the medium term.
Management is of the view that a downside sensitivity, evaluated as an
unforeseen material reduction of greater than 10% in the long-term industry
demand for the Division's products (against a level of demand in line with the
2022 year) could lead to a risk of impairment of the Division's non-current
assets of between £15 million and £25 million.
Roofing CGU:
Following the operational challenges experienced in the Roofing category in
2022, there has been on-going recovery, however output remains below what has
been experienced. Management is of the view that a downside sensitivity,
evaluated as the inability to achieve the planned mid-term output (defined as
a level of demand in line with the 2021 year) by 30%, could lead to a risk of
impairment of the Group's non-current assets at its Leighton Buzzard and
Stretton CGU of between £7 million to £14 million.
The other assumptions used within the VIU calculation are noted below:
1. A pre-tax weighted average cost of capital ("WACC") of 11%-15% was used within
the VIU calculation based on an externally derived rate and benchmarked
against industry peer group companies.
2. Terminal nominal growth rates of 2% were used reflecting long term
inflationary expectations and management's past experience and expectations.
Management is of the view that no reasonable movement in the assumptions of
the WACC or terminal growth rate outlined would result in impairment of the
Group's non-current assets.
The cash flows include ongoing capital expenditure required to maintain the
productive capacity of the network but exclude any growth capital initiatives
not committed.
The immediately quantifiable impacts of climate change and costs expected to
be incurred in connection with our climate resilience plan, are included
within the budget and strategic plan, which have been used to support the
impairment reviews, with no material impact on cash flows. We also expect any
changes required due to physical risks arising from our assessment of climate
change would be covered by business-as-usual site refurbishments and phased
over multiple years. Therefore, the related cash outflow would not have a
material impact in any given year. As a consequence, there has been no
material impact on the forecast cash flows used for impairment testing.
As a result of the detailed impairment testing performed as at 31 December
2024 no further impairment charges were recognised. No material impairment
reversals arose during the year.
Goodwill
The Group's goodwill balance of £3.9 million arose on the acquisition of the
Longley operations in July 2019 (£2.9 million), acquisition of the Generix
operation in July 2022 (£0.9 million) and acquisition of Coltman in November
2023 (£0.1 million). Based upon management's detailed testing of the
recoverable value of the CGUs to which goodwill is allocated, no impairment
was indicated. Key assumptions used within the testing of goodwill for
impairment are consistent with those set out above.
For the Longley CGU, a pre-tax discount rate of 13.44% has been used, together
with a long-term growth rate of 2%. CGU-specific cash flows for the detailed
five-year time period used by management contain a revenue compound growth
rate of 5.2%.
Based on management's projections, no reasonably possible change in key
assumptions within the VIU calculation supporting the impairment calculation
could cause the carrying value of goodwill to exceed its recoverable amount.
11. NOTES TO THE GROUP CASH FLOW STATEMENT
Year ended Year ended
31 December 2024
31 December 2023
Cash flows from operating activities £'000 £'000
Profit before taxation 20,680 30,067
Adjustments for:
Depreciation 33,495 34,626
Impairment of property plant and equipment 1,126 15,397
Impairment of right-of-use assets 2,706 1,181
Impairment of working capital - 4,022
Amortisation of intangible assets 7,062 6,938
Net finance costs 6,393 4,964
Gain on disposal of property, plant and equipment (261) (1,957)
Research and development expenditure credit (2,635) (2,427)
Share based payments 1,253 2,308
Post-employment benefits 959 790
Other (245) (617)
70,533 95,292
Increase in inventory (5,633) (28,495)
(Increase)/decrease in debtors (5,529) 28,298
Increase/(decrease) in creditors 8,355 (36,865)
(Decrease)/increase in provisions (4,820) 5,426
Cash generated from operations 62,906 63,656
12. FINANCIAL INSTRUMENTS
IFRS 13 'Financial Instruments: Disclosures' requires fair value measurements
to be recognised using a fair value hierarchy that reflects the significance
of the inputs used in the measurements, according to the following levels:
Level 1 - Unadjusted quoted prices in active markets for identical assets or
liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices).
Level 3 - Inputs for the asset or liability that are not based on observable
market data (that is, unobservable inputs).
At 31 December 2024 and 31 December 2023, the Group's fair value measurements
were categorised as Level 2, except for (i) quoted investments within the
Group's pension schemes, which were valued as Level 1 and (ii) the insured
pensioner and deferred pensioner asset, which was categorised as a Level 3
valuation and uses assumptions set out in Note 13 to align its valuation to
the related liability.
The Group entered into forward currency contracts as cash flow hedges to
manage its exposure to foreign currency fluctuations associated with the
future purchases of plant and equipment required for the construction of major
capital expenditure projects. These instruments are measured at fair value
using Level 2 valuation techniques subsequent to initial recognition.
At 31 December 2024, a liability valued at £0.1 million (31 December 2023: a
liability of £0.1 million) was recognised for these derivative financial
instruments.
At 31 December 2024 and 31 December 2023, the Group held no other significant
derivative financial instruments. There were no transfers between levels
during any period disclosed.
The carrying value of the Group's short-term receivables and payables is a
reasonable approximation of their fair values. The fair value of all other
financial instruments carried within the Group's financial statements is not
materially different from their carrying amount, with the exception of £100
million of private placement notes. The fair value of these borrowings has
been assessed as £87.8 million (2023: £88.3 million).
13. POST EMPLOYMENT BENEFITS
The Group participates in the Ibstock Pension Scheme (the 'Scheme'), a defined
benefit pension scheme in the UK. During the year ended 31 December 2024, the
opening Scheme surplus of £9.8 million decreased to a closing surplus of
£7.8 million. Analysis of the movements during the year ended 31 December
2024 was as follows:
£'000
Scheme surplus at 31 December 2023 9,832
Charge within labour costs and operating profit (959)
Interest income 423
Remeasurement due to:
- Change in financial assumptions 32,536
- Change in demographic assumptions 2,134
- Experience gains 1,343
- Return on plan assets (37,470)
Scheme surplus at 31 December 2024 7,839
On 20 December 2022, the Scheme completed a full buy-in transaction with a
specialist third-party provider, which represented a significant step in the
Group's continuing strategy of de-risking its pensions exposure. This
transaction, together with the partial buy-in transaction in 2020 insured the
significant majority of the Group's defined benefit liabilities. As a result,
the insured asset and the corresponding liabilities of the Scheme are assumed
to be broadly matched without exposure to interest rate, inflation risk or
longevity risk. However, there is a residual risk that the insurance premium
may be increased following a data cleanse to reflect a more accurate liability
position. If the surplus Scheme assets are insufficient to meet any additional
premium, then the company may need to pay an additional contribution into the
Scheme.
The financial assumptions used by the actuary have been derived using a
methodology consistent with the approach used to prepare the accounting
disclosures at 31 December 2023. The assumptions have been updated based on
market conditions at 31 December 2024:
Year ended Year ended
31 December 2024
31 December 2023
Per annum Per annum
Discount rate 5.45% 4.55%
RPI inflation 3.25% 3.10%
CPI inflation 2.75% 2.50%
Rate of increase in pensions in payment 3.65% 3.60%
Commutation factors 19.50 21.20
Mortality assumptions: life expectancy from age 65
For a male currently aged 65 21.4 years 21.4 years
For a female currently aged 65 24.2 years 24.1 years
For a male currently aged 40 23.1 years 23.1 years
For a female currently aged 40 26.0 years 25.9 years
In light of the fact that the pension scheme was in a net surplus position
after the full buy-in, on 27 February 2023 the Trustees and the Group agreed
that the Group would suspend paying regular contributions with effect from 1
March 2023. The schedule of contributions was reviewed again as part of the
30 November 2023 actuarial valuation, and as the net surplus position remained
unchanged, no further contributions were required.
In July 2024, the Court of Appeal confirmed an earlier ruling by the High
Court in the Virgin Media Limited vs NTL Pension Trustees II Limited case that
considered the implications of section 37 of the Pension Schemes Act 1993. The
ruling determined that certain pension plan amendments were invalid unless
accompanied by the correct actuarial confirmation.
The Group has begun an assessment of the potential impact of the ruling
working with the Trustees of its sponsored scheme who have engaged their legal
advisers to review the deeds executed between 6 April 1997 and 5 April 2016 -
this includes deeds relating to the Ibstock Pension Scheme itself as well as
deeds relating to the various other schemes that transferred into it over
time. Of the 52 deeds identified, 10 did not have appended actuarial
confirmations and it is not yet clear if amendments were made without "Section
37" confirmation from the scheme actuary which introduces uncertainty over the
potential impact of these deeds to the valuation of the pension obligations.
At this stage, the Group is unable to quantify any potential impact on its
pension scheme until it concludes its assessment against the Virgin media
ruling. The Group understands that the Trustees have in place policies and
procedures to ensure compliance with laws and regulations, including regular
trustee meetings with attendance by professional advisers including the Scheme
Actuary, regular involvement of legal advisers, annual scheme audits and
triennial valuations.
14. BUSINESS COMBINATIONS
On 30 November 2023, the Group acquired 100% of the share capital of Valerie
Coltman Holdings Limited and its subsidiary Coltman Precast Concrete Limited
for a cash consideration of £5.2 million, net of £2.5 million cash acquired.
The values of acquired assets associated with the acquisition were finalised
during 2024 with updates to provisional values assigned and resulted in a
£0.2 million refund of the initial consideration.
15. OTHER RESERVES
Cash flow hedging reserve Merger reserve Own shares held Treasury shares Total other reserves
£'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 (25) (369,119) (514) (30,000) (399,658)
Other comprehensive expense (40) - - - (40)
Issue of own shares held on exercise of share options - - 514 2,093 2,607
At 31 December 2024 (65) (369,119) - (27,907) (397,091)
-
At 1 January 2023 418 (369,119) (1,589) (30,000) (400,290)
Other comprehensive expense (443) - - - (443)
Issue of own shares held on exercise of share options - - 1,075 - 1,075
At 31 December 2023 (25) (369,119) (514) (30,000) (399,658)
Cash flow hedging reserve
The cash flow hedging reserve records movements for effective cash flow hedges
measured at fair value. The accumulated balance in the cash flow hedging
reserve will be reclassified to the cost of the designated hedged item in a
future period.
Merger reserve
The merger reserve of £369.1 million arose on the acquisition of Figgs Topco
Limited by Ibstock plc in the period ended 31 December 2015 and is the
difference between the share capital and share premium of Figgs Topco Limited
and the nominal value of the investment and preference shares in Figgs Topco
Limited acquired by the Company.
Own shares held
The Group's holding in its own equity instruments is shown as a deduction from
shareholders' equity at cost. These shares represented shares held in the
Employee Benefit Trust (EBT) to meet the future requirements of the employee
share-based payment plans. Consideration, if any, received for the sale of
such shares is also recognised in equity with any difference between the
proceeds from sale and the original cost being taken to the profit and loss
reserve. No gain or loss is recognised in the income statement on the
purchase, sale, issue or cancellation of equity shares. All remaining shares
held in EBT were issued to meet share option requirements in the current year.
Treasury share reserve
The Group holds treasury shares to meet the future requirements of employee
share-based payment plans. Consideration, if any, received for the sale of
such shares is also recognised in equity with any difference between the
proceeds from sale and the original cost being taken to the profit and loss
reserve. No gain or loss is recognised in the income statement on the
purchase, sale, issue or cancellation of equity shares.
At 31 December 2024, the treasury shares are shown as a deduction from
shareholders' equity at cost totalling £27.9 million (31 December 2023:
£30.0 million).
16. RELATED PARTY TRANSACTIONS
Balances and transactions between Ibstock Plc (the ultimate Parent) and its
subsidiaries, which are related parties, are eliminated on consolidation and
are not disclosed in this note. There were no further material related party
transactions, nor any related party balances in either the 2024 or 2023
financial year other than remuneration for the Directors and key management
personnel.
17. DIVIDENDS PAID AND PROPOSED
The Directors are proposing a final dividend in respect of the financial year
ended 31 December 2024 of 2.5 pence (2023: 3.6 pence) per Ordinary Share,
which will distribute an estimated £9.9 million (2023: £14.1 million) of
shareholders' funds. Subject to approval at the Annual General Meeting, this
will be paid on 30 May 2025, to shareholders on the register at the close of
business on 9 May 2025.
These condensed consolidated financial statements do not reflect the 2024
final dividend declared.
18. POST BALANCE SHEET EVENTS
Except for the proposed ordinary dividend (see Note 17), no further subsequent
events requiring either disclosure or adjustment to these financial statements
have arisen since the balance sheet date.
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