The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksIbstock Share News (IBST)

Share Price Information for Ibstock (IBST)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 154.40
Bid: 154.00
Ask: 154.60
Change: 3.80 (2.52%)
Spread: 0.60 (0.39%)
Open: 150.00
High: 154.40
Low: 150.00
Prev. Close: 150.60
IBST Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Ibstock FY revenue and profits slide

Wed, 06th Mar 2024 08:09

(Sharecast News) - Brick maker Ibstock revealed on Wednesday that revenue and profits had fallen in 2023 amid "difficult market conditions".

Ibstock said revenues were down 21% at £406.0m, as sales volumes reduced in line with UK domestic brick deliveries, while pre-tax profits crashed 71% to £30.0m, and earnings per share were 75% lower at 5.4p.

The FTSE 250-listed group said it had delivered a "resilient performance" against a "challenging market backdrop", with adjusted underlying earnings of £107.0m, down 23% year-on-year, in line with expectations set at the start of the year, underlining "the quality and resilience" of the business. Adjusted underlying earnings margins contracted 70 basis points to 26.5%.

Ibstock also pointed to its "robust year-end balance sheet position", with closing net debt of £101.0m, more than double what it was a year earlier, representing leverage of 1.1x, in the middle of its target range.

It added that activity in the early weeks of 2024 has been "in line with the subdued levels" seen in the latter part of 2023, but stated that while remaining cautious, it currently anticipates "a degree of improvement" as the year progresses.

Chief executive Joe Hudson said: "We have delivered a resilient performance for the year in what have been very difficult market conditions, and I am proud of the way that colleagues across the group have responded in such challenging circumstances. Our results reflect both continued strong execution and the difficult but decisive actions taken to reduce headcount and realign capacity with near-term market conditions. The organisational changes implemented during the second half of the 2023 year have created a leaner, more customer-focused business, which will deliver an enduring benefit for years to come."

As of 0840 GMT, Ibstock shares were up 0.75% at 160.90p.

Reporting by Iain Gilbert at Sharecast.com

More News
26 Nov 2021 14:53

EXECUTIVE CHANGES: Aquis Exchange and Alumasc promote new chairs

EXECUTIVE CHANGES: Aquis Exchange and Alumasc promote new chairs

Read more
15 Nov 2021 09:33

LONDON BROKER RATINGS: RBC and Goldman Sachs downgrade B&M

LONDON BROKER RATINGS: RBC and Goldman Sachs downgrade B&M

Read more
10 Nov 2021 11:21

Ibstock refinances its borrowings with new revolving credit facility

Ibstock refinances its borrowings with new revolving credit facility

Read more
10 Nov 2021 07:23

Ibstock refinances £215m revolving credit facility

(Sharecast News) - Ibstock has completed the refinancing of its March 2023 £215m revolving credit facility, it said on Wednesday, diversifying its credit sources at attractive rates, while also achieving a significant extension of its debt maturity profile.

Read more
5 Nov 2021 09:50

LONDON BROKER RATINGS: StanChart and Flutter upped to Buy; THG cut

LONDON BROKER RATINGS: StanChart and Flutter upped to Buy; THG cut

Read more
3 Nov 2021 10:29

Ibstock to launch new unit and build factory as demand increases

Ibstock to launch new unit and build factory as demand increases

Read more
3 Nov 2021 09:37

Ibstock backs FY guidance as it hails 'strong' Q3

(Sharecast News) - Brick manufacturer Ibstock backed its full-year guidance on Wednesday as it reported strong trading in the third quarter.

Read more
27 Oct 2021 15:58

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
10 Sep 2021 16:10

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
23 Aug 2021 15:37

FTSE 250 movers: Oil explorers, Helios Towers and

(Sharecast News) - Oil explorers were all near the top of the leaderboard on the second tier index at the start of the week, tracking a near 5% jump in crude oil futures.

Read more
22 Aug 2021 15:02

Sunday share tips: Aviva, Ibstock

(Sharecast News) - The Financial Mail on Sunday's Midas column told readers to buy shares of Aviva, pointing out the recent share purchases by its chairman and the company's ongoing reorganisation which it said would pay dividends in the future.

Read more
6 Aug 2021 09:43

LONDON BROKER RATINGS: Morgan Stanley upgrades Unilever and BP

LONDON BROKER RATINGS: Morgan Stanley upgrades Unilever and BP

Read more
5 Aug 2021 16:13

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
4 Aug 2021 08:02

Ibstock reports interim profit swing as it continues pandemic recovery

Ibstock reports interim profit swing as it continues pandemic recovery

Read more
4 Aug 2021 07:52

Ibstock sees FY 'modestly ahead' after swinging to profit

(Sharecast News) - Bricks and concrete group Ibstock lifted annual guidance on Wednesday after swinging to a profit as the UK construction sector recovered from the impact of the Covid-19 pandemic.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.