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Trading statements

Ibstock expects another year of progress

24 May 2017 07:58

Ibstock expects another year of progress and forecasts for the full year remain unchanged, shareholders at today's annual general meeting will be told.

An update issued ahead of the meeting said: "The group has shown encouraging trading momentum in the first four months of 2017.

"Our UK brick sales have continued to progress in the first four months of 2017 principally reflecting good volume growth into the new build residential housing market and a return to normal levels of sales through builders' merchants.

"Price increases by sales channel have been achieved in line with expectations with average pricing year to date reflecting the increased new housing volumes.

"The UK concrete businesses have achieved a good start to the year, whilst in the US an unusually mild winter boosted sales in the early months of the year however activity in March and April has fallen back to more traditional seasonal levels.

"We continue to progress our organic growth investment projects with the commissioning of our new 100 million brick per annum soft mud factory in Leicestershire anticipated to commence in the fourth quarter of 2017.

"Forticrete's new concrete roof tile manufacturing line is now in production and the new innovative roof tiles have been well received by the market. The new kiln project at Lodge Lane is also progressing to plan."

Looking ahead, it said: "Market fundamentals in UK remain robust with the demand for new housing in particular continuing to underpin activity levels in both our clay and concrete businesses.

"At this early stage in the US building season we anticipate a steady performance in our US business.

"The board expects another year of progress for the Group and its expectations for the full year remain unchanged." The group's results for the six months to 30 June will be announced on 10 August.

Story provided by StockMarketWire.com

Related Company: IBST

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