Ibstock backs FY guidance after 'solid' start to 2019

(Sharecast News) - Ibstock backed its full-year guidance on Thursday as it hailed a "solid" start to the year, with both its clay brick and concrete businesses enjoying strong demand despite political and economic uncertainty.Strong revenue growth in Ibstock's clay brick business for the four months ended 30 April was attributed to a price rise implemented at the start of the year and incremental volume growth. The business also faced a weakened prior year comparative where trading had been impacted by adverse weather.Ibstock said the concrete segment has continued to benefit from good demand from the new build housing market, including solid growth in roof tile revenues, underpinned by increasing volumes from recently launched new products.However, the FTSE 250 company said it experienced lower demand for some of its concrete products amid subdued activity in the broader repair, maintenance & improvement and infrastructure markets, adding that its performance is expected to be weighted towards the second-half."Market fundamentals in the UK remain robust, supporting the demand for new housing over the medium term, which should continue to underpin activity levels in both our clay brick and concrete businesses. Overall, our expectations for the full year are unchanged and the board anticipates another year of progress for the group," it said.Ibstock's shares were down 0.49% at 245.00p at 0820 BST.