UK's Ibstock falls after co sees lower 2023 revenue

Peel Hunt

17/01/2024 08:33

** Shares of brick and concrete maker Ibstock  IBST.L  down
3.3% at 138.2p, lowest price in more than a month 
    ** Stock among top pct losers on  FTSE mid-cap index  .FTMC 
    ** Co sees 2023 revenue down by 21% to about 405 mln pounds
($513.18 mln)
    ** Adds it completed comprehensive operational review in Q4
to reduce headcount
    ** Brokerage Peel Hunt trims FY24 PBT estimates by 8% as
IBST sees markets remaining subdued and cost pressures lingering
during the period
    ** 2023 was tough for Ibstock and 2024 will not be
much easier, with recovery in volumes not expected to come
through until FY25 - Peel Hunt
    ** Stock fell 2.1% in 2023, its fourth straight year of
losses 


($1 = 0.7892 pounds)

 (Reporting by Hani Kollathodi in Bengaluru)
 ((Hani.Kollathodi@thomsonreuters.com;))