18th Jan 2016 07:21
LONDON (Alliance News) - Clay bricks and concrete products manufacturer Ibstock PLC on Monday said trading was in line with its expectations in 2015, with good revenue growth continuing through the year, leaving it on target to hit market forecasts.
The FTSE 250 constituent, which listed in London in October and ascended to the mid-cap index in December, said it expects its adjusted earnings before interest, taxation, depreciation and amortisation for the year to the end of December will be in line with market expectations. That will strip out the cost of the company acquiring its operating businesses in February ahead of its stock-market listing, plus the costs of the float.
Group revenue for the year rose 9.0% year-on-year, though this slowed to 7.0% in the second half. Sales of Ibstock's clay and concrete products in the UK rose 9.0% for the year, driven by a strong pricing environment for clay bricks, as the supply-demand dynamic in the brick market remained unbalanced.
US revenue in the year rose 10%, boosted by rising volumes and higher average prices.
Ibstock said the construction of a new facility in Leicestershire, which will boost its UK capacity by around 13%, is on track and its concrete tile making unit should be operational by the second half of 2016.
The group will publish its annual results on March 10.
By Sam Unsted; [email protected]; @SamUAtAlliance
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