Revenue Essentially Flat for Ibstock in 2018 First Half
Ibstock’s revenue for the first half of 2018 was £229.9 million (approximately $267.2 million), compared to £228.3 million (~ $265.3 million) in the 2017 first half.
Ibstock plc recently announced its unaudited results for the six months ended June 30, 2018. Revenue for the first half of 2018 was relatively flat at £229.9 million (approximately $267.2 million), compared to £228.3 million ((~ $265.3 million) in the 2017 first half.
“Demand from the group’s UK brick customers was strong over the first half, particularly from the new build housing sector, although our performance also reflected some impact from poor weather and increased energy costs,” said Joe Hudson, CEO. “The group remained strongly cash generative in the period, and we are pleased to be declaring both an increased interim dividend and our first supplementary dividend, in line with the policy announced in March.
“Looking ahead, while our decision to increase maintenance spending on our UK brick manufacturing assets will have a short-term impact on our financial performance, this program will put our UK Clay business in a much stronger position to meet ongoing demand, which continues to be robust, with domestic production remaining below market need. In the U.S., Glen Gery enters the second half with its order book ahead of the prior year and showing good momentum for the remainder of 2018.
“Overall, market fundamentals remain favorable, and Ibstock is well-placed to benefit from this positive backdrop. We are fully focused on delivering our business plan as we trade through the second half.”
For more information, visit www.ibstockplc.com.