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Ibstock swings to annual loss; reinstates dividend

Wed, 10th Mar 2021

Clay bricks and concrete products maker Ibstock swung to an annual loss as the Covid-19 pandemic hurt demand and weighed on revenue. The company, however, resumed its dividend, citing a quicker-than-expected recovery in demand. For 2020, pre-tax losses were £24 million, compared with a profit of £82 million year-on-year as revenue declined 23% to £316 million. The fall in revenue reflected the impact of the COVID-19 pandemic, with 'significant reductions in both clay division, down 29%, and concrete division, down 5%,' the company said. The company recommended a final ordinary dividend of 1.6 pence per share for the 2020 year , down from 6.5 pence a year earlier. 'Market demand recovered faster than our expectations as we progressed through 2020, and trading in the initial period of 2021 has started well, with clay sales volumes slightly ahead of the run rates achieved in Q4 2020' the company said. Looking ahead, Ibstock said it was comfortable with current market consensus expectations for adjusted earnings before interest taxes, depreciation and amortisation, or EBITDA, of about £93 million for 2021. At 8:11am: (LON:IBST) Ibstock PLC share price was 0p at 190.1p Story provided by StockMarketWire.com

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