Ibstock PLC AGM Trading Update (6061X)
27 April 2023 - 4:00PM
UK Regulatory
TIDMIBST
RNS Number : 6061X
Ibstock PLC
27 April 2023
27 April 2023 LEI: 2138003QHTNX34CN9V93
Ibstock Plc
AGM Trading Update
Ibstock Plc ('Ibstock' or the 'Group'), a leading UK
manufacturer of clay bricks and concrete products and solutions,
announces a trading update for the first quarter of 2023, ahead of
its Annual General Meeting, which is to be held at 11:00am
today.
Trading update
The Group has made a good start to 2023 despite a subdued demand
environment in both the residential new build and RMI markets.
EBITDA in the first quarter was marginally ahead of our
expectations, reflecting disciplined management of capacity and
cost, combined with good commercial execution.
While the Group continued to experience cost inflation during
the first quarter, the pace of increase was more modest than the
levels seen in 2022. We have now hedged around 95% of energy
requirements for the first half of 2023, and around 75% for the
full year, albeit at prices above prior year levels.
Ibstock's growth initiatives - the Atlas, Aldridge and Nostell
capital investment projects - are all progressing well. Ibstock
Futures also continues to build its market offering, with growth
during the first quarter in line with our expectations.
Having made a good start to the year, and while remaining
mindful of broader macroeconomic risks, the Board is confident of
delivering a performance in line with market expectations.
Joe Hudson, Chief Executive Officer, commented:
"We've made a good start to 2023, with EBITDA marginally ahead
of our expectations, underpinned by strong operational discipline
and good commercial execution. Market conditions were subdued
through the early months of 2023, although we expect this to
improve as the year progresses.
"Our major organic growth investments remain on track, with our
pathfinder factory at Atlas expected to deliver the UK's first
carbon neutral verified bricks by the end of the year, and Ibstock
Futures continuing to build capability and scale.
"We remain confident in our ability to respond effectively to
trading conditions, and to deliver a full year performance in line
with market expectations."
Ibstock Plc 01530 261 999
Joe Hudson, CEO
Chris McLeish, CFO
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith
Holly Gillis
About Ibstock Plc
Ibstock Plc is a leading UK manufacturer of clay bricks and a
diversified range of clay and concrete products and solutions. Its
principal products are clay bricks, brick components, concrete roof
tiles, concrete alternatives for stone masonry, concrete fencing
and pre--stressed concrete products.
The Group comprises two core business divisions, Ibstock Clay
and Ibstock Concrete, with Ibstock Futures established to
accelerate diversified growth opportunities.
Ibstock Clay: The leading manufacturer by volume of clay bricks
sold in the United Kingdom. With 16 manufacturing sites, Ibstock
Brick has the largest brick production capacity in the United
Kingdom. It operates a network of 18 active quarries located close
to its manufacturing plants. Ibstock Kevington provides masonry and
pre-fabricated component building solutions, operating from 6 sites
across the United Kingdom.
Ibstock Futures: Complements our core businesses by accelerating
diversified growth opportunities and addressing key construction
trends, including sustainability and the shift towards Modem
Methods of Construction (MMC).
Ibstock Concrete: A leading manufacturer of concrete roofing,
walling, flooring and fencing products, along with lintels and
general concrete building products, with 14 manufacturing plants in
the United Kingdom.
Forward-looking statements
This announcement contains "forward-looking statements". These
forward-looking statements include all matters that are not
historical facts and include statements regarding the intentions,
beliefs or current expectations of the directors. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances that are difficult
to predict and outside of the Group's ability to control.
Forward-looking statements are not guarantees of future performance
and the actual results of the Group's operations. Forward-looking
statements speak only as of the date of such statements and, except
as required by applicable law, the Group undertakes no obligation
to update or revise publicly any forward-looking statements.
The person responsible for making this announcement is Becky
Parker, Group Company Secretary.
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END
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