(Alliance News) - Ibstock PLC said Thursday it delivered a resilient trading performance for the year against a backdrop of political & economic uncertainty and reduced new build house activity in the second half.
In a trading update for the year ended December 31, the clay bricks and concrete products manufacturer said it expects to deliver adjusted earnings before interest, taxes, depreciation and amortization broadly in line with market expectations.
Adjusted Ebitda was GBP112.4 million in 2018.
Total revenues were up mid-single digits for the full year, compared to 2018, the company said, primarily reflecting pricing benefits in clay brick business and volume growth in some of its key concrete product lines.
In 2018, the company recorded revenue of GBP391.4 million while pretax profit was GBP92.5 million.
"Looking ahead, the lower levels of residential construction activity in the second half of 2019 have created a more subdued market backdrop as we enter 2020," the company said.
However, Ibstock is confident that market fundamentals for new build housing in the UK remains robust and the company remains well positioned to deliver growth over the medium term.
The company will announce its annual results on March 3.
Ibstock shares were down 0.2% in London at 296.37 pence each on Thursday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Ibstock (IBST)