17th Jan 2019 09:26
LONDON (Alliance News) - Ibstock PLC on Thursday said it is assessing investments opportunities in the UK as it saw single-digit revenue growth in the country, despite the political and economic uncertainty.
The clay bricks manufacturer said it has continued to trade as anticipated and expects to report adjusted earnings before interest, taxes, depreciation, and amortization for 2018 in line with expectations.
In the UK, Ibstock said its revenue from clay and concrete products was up 8% year-on-year, reflecting both price and volume growth. The company expects to report low single-digit growth in adjusted Ebitda for the UK business.
In addition, Ibstock's maintenance programme in its UK brick business is progressing well, it said.
At the end of November, Ibstock sold Glen-Gery, its US brick manufacturing operations.
As at the end of December, net debt reduced significantly compared to the prior year, the company highlighted, due to strong underlying cash generation, and receipt of the proceeds from the disposal of Glen-Gery and of surplus properties throughout the year.
"Despite ongoing political and economic uncertainty, we enter 2019 well positioned and with a strong balance sheet. We continue to assess investment options in the UK as we look to deliver long-term growth," Ibstock said in the statement Thursday.
Ibstock shares were trading up 0.3% early on Thursday at 236.60 pence each.
The company said it intends to announce its 2018 results on March 5.
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