Business
Final Results
Final Results.
About this update from Ibstock Plc
[{"type":"text","content":"\n \nRNS Number : 8140R Ibstock PLC 05 March 2019 \n\nIbstock PLC - final resultsReleased 5 March 2019\n\nIbstock plc\nResults for the year ended 31 December 2018\n\nFinancial performance in line with expectations\n\nUpdated strategic priorities following divestment of US business \n\nIbstock plc ('Ibstock' or the 'Group'), a leading manufacturer of clay bricks and concrete products in the United Kingdom, announces its preliminary results for the year ended 31 December 2018.\n\nResults for the year:\n\n\n\nYear ending 31 Dec \n\n\n2018\n\n\n2017\n\n\nChange\n\n\n\n\nRevenue\n\n\n£391.4m\n\n\n£362.6m\n\n\n+7.9%\n\n\n\n\nAdjusted EBITDA\n\n\n£112.4m\n\n\n£107.9m\n\n\n+4.1%\n\n\n\n\nProfit before tax \n\n\n£92.5m\n\n\n£77.7m\n\n\n+19.1%\n\n\n\n\nStatutory EPS\n\n\n18.8p\n\n\n16.0p\n\n\n+17.5%\n\n\n\n\nAdjusted EPS \n\n\n18.8p\n\n\n18.9p\n\n\n-0.5%\n\n\n\n\nFinal Dividend \n\n\n6.5p\n\n\n6.5p\n\n\n-\n\n\n\n\nTotal ordinary divided \n\n\n9.5p\n\n\n9.1p\n\n\n+4.4%\n\n\n\nNote: continuing operations \nFinancial Highlights:\n\n\n\n\n· \n\n\nStrong revenue growth and adjusted EBITDA in line with management's expectations\n\n\n\n\n· \n\n\nContinued robust underlying cash generation, supported by proceeds from sale of US business and surplus property \n\n\n\n\n· \n\n\nNet debt to adjusted EBITDA down to 0.4x \n\n\n\n\n· \n\n\nFinal dividend of 6.5 pence per share (2017: 6.5 pence per share) making the 2018 full year dividend 9.5 pence per share (2017: 9.1 pence per share)\n\n\n\n\n· \n\n\nAdditional 6.5p supplementary dividend paid with 2018 interim dividend in September 2018\n\n\n\n \nOperational Highlights:\n\n\n\n\n· \n\n\nGroup structure simplified with the disposal of US brick business, Glen-Gery, for US$110 million \n\n\n\n\n· \n\n\nGroup now focused on the UK, with two businesses with leading positions in the brick and concrete markets respectively, which provide an excellent base for further development\n\n\n\n\n· \n\n\nDisposals of surplus property generated £9.5 million profit \n\n\n\n\n· \n\n\nIbstock Brick benefitting from good activity levels within the UK new build housing sector, with both price and volume growth achieved in the year \n\n\n\n\n· \n\n\nNew Eclipse brick factory in Leicester performing well and contributed to volume growth in the second half of 2018. Full year benefit of increased production capacit...