Ibstock Q1 EBITDA 'marginally ahead' despite subdued demand environment

Ibstock said on Thursday that first-quarter EBITDA was marginally ahead of its expectations despite a "subdued" demand environment in both the residential new build and repair, maintenance and improvement (RMI) markets.

Ibstock
26 April 2024 17:21:17

Source: Sharecast

In an update ahead of its annual meeting, the clay bricks and concrete products manufacturer said it had made a good start to 2023. It put the better-than-expected EBITDA down to "disciplined management of capacity and cost" and "good commercial execution".

The company also said that while it continues to experience cost inflation, the pace of increase was more modest in the first quarter than in 2022. It has now hedged around 95% of energy requirements for the first half of this year, and around 75% for the full year, albeit at prices higher than last year.

Chief executive Joe Hudson said: "Market conditions were subdued through the early months of 2023, although we expect this to improve as the year progresses.

"Our major organic growth investments remain on track, with our pathfinder factory at Atlas expected to deliver the UK's first carbon neutral verified bricks by the end of the year, and Ibstock Futures continuing to build capability and scale.

"We remain confident in our ability to respond effectively to trading conditions, and to deliver a full year performance in line with market expectations."

Transferring your account

Transfer your existing ISAs and Share Dealing Accounts and you could save money. In order to transfer, log in to your existing account and complete the online application form. We’ll do the rest for you. It’s free to transfer (we will not charge you). Please check your current provider to see if they have any charges for transferring.

Transfer to us

FTSE 250 ( MCX )

Isin: N/A

Exchange: London Stock Exchange

Sell:

0.00

Buy:

0.00

Change: 222.18 ( 1.13 %)

Date:

26/04/2024 - 16:59

Prices delayed by at least 15 minutes

Compare our accounts

Whether you're looking for a Share Dealing Account, Stocks and Shares ISA or a Self-Invested Personal Pension (SIPP), we've got an account to suit your needs.

View our accounts

Bank of Scotland is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.

Important legal information

Bank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

The information contained within this website is provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd unless otherwise stated. The information is not intended to be advice or a recommendation to buy, sell or hold any of the shares, companies or investment vehicles mentioned, nor is it information meant to be a research recommendation. This is a solution powered by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd incorporating their prices, data news, charts, fundamentals and investor tools on this site. Terms and conditions apply. Prices and trades are provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd and are delayed by at least 15 minutes.

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.