Ibstock PLC AGM Trading Update (0672P)
24 May 2018 - 4:00PM
UK Regulatory
TIDMIBST
RNS Number : 0672P
Ibstock PLC
24 May 2018
24 May 2018
Ibstock plc
AGM Trading Update
Ibstock plc ('Ibstock' or the 'Group'), a leading manufacturer
of clay bricks and concrete products with operations in the United
Kingdom and the United States, today provides a trading update for
the four months ended 30 April 2018 ahead of its Annual General
Meeting, which is to be held at 2:00 pm today at the offices of
Citigate Dewe Rogerson, 3 London Wall Buildings, London Wall,
London EC2M 5SY.
Trading Summary
After a slower than expected start to the year for our brick and
concrete businesses in the UK, which largely reflects an extended
winter season, volumes have begun to return to more normal levels
over recent weeks. Price increases by sales channel have been
achieved in line with our expectations, although energy prices in
the year to date have been higher than expected and this is likely
to continue for the remainder of 2018. The commissioning of our new
100 million brick per annum soft mud factory in Leicestershire is
progressing to plan.
US activity was also impacted by the weather in Q1 but volumes
are now in line with traditional seasonal levels.
Outlook
Market fundamentals in the UK remain robust with the demand for
new housing, in particular, continuing to underpin activity levels
in both our clay and concrete businesses. At this early stage in
the US building season we anticipate a stable performance from our
Glen Gery business.
The Board expects another year of progress for the Group, albeit
with performance expected to be weighted towards the second half,
driven predominantly by new volumes from its major projects in
bricks and roof tiles.
The Group's results for the six months to 30 June 2018 will be
announced on 9 August 2018.
Enquiries
Ibstock (enquiries via Citigate Dewe Rogerson)
Joe Hudson (CEO)
Kevin Sims (CFO)
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith
Nick Hayns
Notes to Editors:
Ibstock plc is a leading manufacturer of clay bricks with a
diversified range of clay and concrete products, and operations in
the United Kingdom and the United States. Its principal products
are clay bricks, brick components, concrete roof tiles, concrete
substitutes for stone masonry, concrete fencing and general
concrete building products.
The Group's four primary businesses are:
UK business:
-- Ibstock Brick: The leading manufacturer
by volume of clay bricks sold in the
United Kingdom. With 19 manufacturing
plants Ibstock Brick has the largest
brick production capacity in the United
Kingdom. It operates a network of 23
active quarries which are generally
located close to its manufacturing plants.
Ibstock Brick is currently commissioning
a new soft mud brick manufacturing plant
in Leicestershire that has been designed
to add approximately 100 million bricks
(c13%) to its brick production capacity
per annum. The new plant is expected
to be fully commissioned towards the
end of 2018.
-- Supreme: A leading manufacturer of concrete
fencing products, concrete lintels and
general concrete building products,
with seven manufacturing plants in the
United Kingdom.
-- Forticrete: A leading manufacturer of
concrete substitutes for natural stone
walling, dressings and concrete roof
tiles, with seven manufacturing plants
in the United Kingdom.
US business:
-- GlenGery: A leading manufacturer of
bricks by volume of despatches in the
Northeast and Midwest regions of the
United States, with a network of ten
manufacturing plants, ten distribution
centres and 29 active quarries, covered
by 20 active quarry permits.
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END
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