Ibstock says 'well positioned' for 2019; maintains full-year outlook
StockMarketWire.com - Ibstock said Thursday it still expected adjusted earnings to meet expectations for the full year owing to price and volume growth in UK clay brick business.
'The Group has continued to trade as anticipated and adjusted EBITDA (earnings) for the year is expected to be in line with expectations,' the company said.
The UK business is expected to generate low single digit growth in adjusted EBITDA, in line with expectations, driven by its UK clay and concrete products revenues, which rose 8% for year from a year earlier.
Net debt was cut 'significantly' compared to the prior year 'due to strong underlying cash generation, as well as receipt of the proceeds from the disposal of Glen-Gery and surplus properties throughout the year,' the company said.
The company expected to report £9.5m of profit on disposal of surplus property during the year.
Despite ongoing political and economic uncertainty, 'we enter 2019 well positioned and with a strong balance sheet. We continue to assess investment options in the UK as we look to deliver long term growth,' it added.
At 8:47am: (LON:IBST) Ibstock Plc share price was -1.5p at 234.5p
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