Business
Interim results
Interim results.
About this update from Ibstock Plc
[{"type":"text","content":"\n\n\nInterim results 2 August 2023\nLEI: 2138003QHTNX34CN9V93\n \nIbstock Plc\nInterim results for the six months ended 30 June 2023\nResilient first half performance underpins confidence in full year expectations\n \nIbstock Plc (\"Ibstock\" or the \"Group\"), a leading UK manufacturer of a diverse range of building products and solutions, announces results for the six months ended 30 June 2023.\n \n\n\n\nStatutory Results\n\n\n\n\nSix months ended 30 June\n\n\n2023\n\n\n2022\n\n\n∆ 1Y\n\n\n% change\n\n\n\n\nRevenue\n\n\n£223m\n\n\n£259m\n\n\n(£36)m\n\n\n(14)%\n\n\n\n\nProfit before taxation\n\n\n£30m\n\n\n£51m\n\n\n(£21)m\n\n\n(42)%\n\n\n\n\nEPS\n\n\n5.7p\n\n\n10.0p\n\n\n(4.3)p\n\n\n(43)%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted Results1\n \n\n\n\n\nSix months ended 30 June\n\n\n2023\n\n\n2022\n\n\n∆ 1Y\n\n\n% change\n\n\n\n\nAdjusted EBITDA\n\n\n£63m\n\n\n£71m\n\n\n(£8)m\n\n\n(11)%\n\n\n\n\nAdjusted EBITDA margin\n\n\n28.2%\n\n\n27.3%\n\n\n+90bps\n\n\n+3%\n\n\n\n\nAdjusted EPS\n\n\n9.0p\n\n\n11.3p\n\n\n(2.3)p\n\n\n(20)%\n\n\n\n\nInterim dividend per share\n\n\n3.4p\n\n\n3.3p\n\n\n+0.1p\n\n\n+3%\n\n\n\n\nAdjusted free cashflow\n\n\n(£22)m\n\n\n£30m\n\n\n(£52)m\n\n\n>(100)%\n\n\n\n\nROCE\n\n\n19.6%\n\n\n19.8%\n\n\n(20)bps\n\n\n(1)%\n\n\n\n\nNet debt\n\n\n£89m\n\n\n£36m\n\n\n£53m\nhigher\n\n\n>(100)%\n\n\n\n \nResilience and financial strength\n \n\n\n\n•\n\n\nResilient trading performance in the first half year with performance marginally ahead of the Board's expectations.\n\n\n\n\n•\n\n\nRevenue down 14% to £223 million (2022: £259 million) reflecting reduced activity levels in our residential markets. Despite this more subdued market backdrop, selling prices remained firm.\n\n\n\n\n•\n\n\nAdjusted EBITDA1 was £63 million (2022: £71 million), reflecting disciplined approach to pricing, an intense focus on cost and capacity management, and the benefit of fixed cost absorption through inventory build.\n\n\n\n\n•\n\n\nContinued operational and strategic progress in our diversified growth engine, Ibstock Futures; new innovation hub in West Midlands now operational, creating a scalable platform for growth.\n\n\n\n\n•\n\n\nStatutory Profit before tax of £30 million (2022: £51 million) reflects exceptional cost1 of around £11 million arising from potential clay site closure (including £...