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AGM Trading Update 2023
Ibstock Plc ('Ibstock' or the 'Group'), a leading UK manufacturer of clay bricks and concrete products and solutions, announces a trading update for the first quarter of 2023, ahead of its Annual General Meeting, which is to be held at 11:00am today.
Trading update
The Group has made a good start to 2023 despite a subdued demand environment in both the residential new build and RMI markets. EBITDA in the first quarter was marginally ahead of our expectations, reflecting disciplined management of capacity and cost, combined with good commercial execution.
While the Group continued to experience cost inflation during the first quarter, the pace of increase was more modest than the levels seen in 2022. We have now hedged around 95% of energy requirements for the first half of 2023, and around 75% for the full year, albeit at prices above prior year levels.
Ibstock’s growth initiatives – the Atlas, Aldridge and Nostell capital investment projects – are all progressing well. Ibstock Futures also continues to build its market offering, with growth during the first quarter in line with our expectations.
Having made a good start to the year, and while remaining mindful of broader macroeconomic risks, the Board is confident of delivering a performance in line with market expectations.
Joe Hudson, Chief Executive Officer, commented: "We’ve made a good start to 2023, with EBITDA marginally ahead of our expectations, underpinned by strong operational discipline and good commercial execution. 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.”
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