24th Mar 2020 17:59
(Alliance News) - Brickmaker Ibstock PLC on Tuesday said it has suspended production at manufacturing sites in the UK following government directives.
Ibstock is cancelling its final dividend of 6.5 pence per share already declared for 2019 to preserve liquidity and the balance sheet.
A number of other actions are being taken to manage the Covid-19 crisis, Ibstock said. This includes deferring all non-essential capital expenditure.
London-based Ibstock stressed it has a "strong" balance sheet, with significant liquidity headroom including a revolving credit facility of GBP215 million, expiring March 2022.
"As a result of the current unprecedented levels of uncertainty, it is not possible for the group to provide an accurate assessment of trading for the current year, and, accordingly, all previous market guidance is now being withdrawn. We will provide a further update when there is greater clarity on the trading environment and the specific impact of Covid-19," said Ibstock.
Shares ended 19% higher on Tuesday in London at a price of 175.60 pence each.
By George Collard; [email protected]
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