5th Mar 2019 09:04
LONDON (Alliance News) - FTSE 250-listed brickmaker Ibstock PLC boosted its 2018 payout Tuesday following profit and revenue rising in a "busy" year in which it focused on its UK operations.
In 2018, pretax profit widened 19% to GBP92.5 million from GBP77.7 million the year prior. This was after revenue rose 7.9% to GBP391.4 million from GBP362.6 million the year before.
Ibstock proposed a 6.5 pence per share final dividend, unchanged on the year prior. For the full year, however, the dividend rose 4.4% to 9.5p from 9.1p the year before.
"2018 was a busy year of development for Ibstock, and we are pleased to be announcing profit growth and cash generation in line with management's expectations," Ibstock Chief Executive Officer Joe Hudson said.
"Two strategic milestones were achieved during the year. First, we commissioned our new 100 million capacity brick factory in Leicestershire, adding significant new capacity to our UK brick operations," Hudson added. "Secondly, we also took the decision to dispose of Glen Gery, our US brick manufacturing business, to focus the group on the UK market, where we have leading positions."
In November, Ibstock sold the Glen Gery business to Brickworks Ltd for USD110 million.
"Whilst we remain mindful of the current political and economic uncertainties in the UK, Ibstock is well-positioned, with market fundamentals that remain encouraging for the medium term," Hudson continued. "We look forward to another year of progress for the group."
Shares in Ibstock were 2.8% higher at 258.40 pence on Tuesday.
Related Shares:
Ibstock