27 October 2015

Admission to trading on the London Stock Exchange


Further to its announcement of 22 October 2015, Ibstock plc (the "Company") is pleased to announce that its entire ordinary share capital of 405,500,000 ordinary shares has today been admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities under the ticker "IBST".



Ibstock plc is a leading manufacturer of clay bricks and concrete products with operations in the UK and the United States. Our principal products are clay bricks, brick components, concrete roof tiles, concrete stone masonry substitutes, concrete fencing, pre-stressed concrete products and concrete rail products. Our range of products are manufactured, marketed and distributed by Ibstock Brick, Supreme Concrete, and Forticrete in the UK, and Glen-Gery in the United States.

Ibstock Brick is the number one brick manufacturer by volume of bricks sold in the UK where approximately 80% of new build houses use brick in their construction. Glen-Gery is a major regional brickmaker in the US, and Supreme and Forticrete also hold strong positions in their respective markets. Subsidiary operations include Ibstock-Kevington, a leading manufacturer of brickwork components and Anderton Concrete, a specialist in the manufacture of concrete rail and infrastructure products.

The businesses are major manufacturers of products for the new build housing and domestic repair, maintenance and improvement markets (RMI).

We operate from 33 main sites in the UK and ten sites within the United States. We also have over 150 million tonnes of clay reserves across 23 active quarries in the UK and 29 active quarries covered by 20 active permits in the US.

Trading Update
RNS
RNS Number : 1769U
Ibstock PLC
16 January 2017
 
 
 
 
Ibstock plc
Trading Update
 
 
 
Ibstock plc ('Ibstock' or the 'Group'), a leading manufacturer of clay bricks and concrete products with operations in the United Kingdom and the United States, today issues a trading update for the year ended 31 December 2016.
 
The Group continues to trade as anticipated with adjusted EBITDA in line with expectations.
 
Group revenue for the year ended 31 December 2016 was up 5%.
 
Revenue from clay and concrete products in the UK, which represents approximately 80% of Group revenue, was up 2% for the full year compared to 2015. The increase in revenue in 2016 reflects low single digit volume growth for clay brick and further volume and price growth in the concrete businesses. Despite the release of brick inventory by distributors as previously reported, particularly in the first half of the year, brick sales volumes for the full year exceeded 2015. Growing house builder activity supported a stronger second half and national brick imports declined significantly over the year.
 
Revenue in the US was up 18% (4% at constant exchange rates) for the full year compared to 2015, principally reflecting a combination of higher average prices and the benefits from a more favourable product and end use sector mix.
 
As at 31 December 2016, net debt declined compared to prior year despite significant spend on previously announced major projects, and was in line with management expectations.
 
During 2016 the Group progressed with the construction in the UK of an additional clay brick factory in Leicestershire which will expand Ibstock's UK clay brick capacity by c.13%. This project is making good progress and will commission in the second half of this year.
 
Installation of a new concrete roof tile line at the Leighton Buzzard facility was completed within budget and commissioning commenced during August 2016 adding c.5% to UK concrete roof tile market capacity. First projects using the new tiles, which broaden the Group's concrete tile product range, have been completed and have been well received by key customers.
 
Price negotiations for 2017 with all our major UK brick customers have now been concluded and are in line with management expectations.
 
In the UK, following a full consultation process with affected members, the Ibstock defined benefit pension scheme will close to future accrual with effect from 31 January 2017. All scheme members have agreed to join the company's defined contribution scheme with effect from 1 February 2017.
 
The Group will announce its preliminary results for the year ended 31 December 2016 on 7 March 2017.
 

Peel Hunt Hold 183.00 175.00 190.00 Downgrades

Berenberg today:
"Ibstock (Buy, 34% upside) – our top pick: As the leading manufacturer of bricks in the UK, Ibstock is well placed to take advantage of these strong fundamentals. Its new SM3 plant should help the group take market share and lower its cost base while its US exposure will continue to be supportive to growth. Strong FCF generation will aid its bolt-on strategy and increase the probability of further shareholder returns.
Valuation: 11.7x 2017 P/E; 8.9x EV/EBITDA."

15 May
Barclays...
285.00
Overweight

AGM Trading Update
RNS
RNS Number : 0183G
Ibstock PLC
24 May 2017
 
24th May 2017
Ibstock plc
 
AGM Trading Update
 
 
Ibstock plc ('Ibstock' or the 'Group'), a leading manufacturer of clay bricks and concrete products with operations in the United Kingdom and the United States, today provides a Trading Update for the four months ended 30 April 2017 ahead of its Annual General Meeting, which is to be held at 2:00 pm today at the offices of Citigate Dewe Rogerson, 3 London Wall Buildings, London Wall, London EC2M 5SY.
 
Trading Summary
 
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.
 
Outlook
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 2017 will be announced on 10 August 2017.

A good steady sp climb.

19 Jun
Peel Hunt
265.00
Hold

Interim results

09:20 06/12/2017
Broker Forecast - Peel Hunt issues a broker note on Ibstock Plc
Peel Hunt today upgrades its investment rating on Ibstock Plc (LON:IBST) to buy (from hold) and raised its price target to 285p (from 265p). Story provided by StockMarketWire.com

Ibstock PLC (IBST:LSE) set a new 52-week high during today's trading session when it reached 265.00. Over this period, the share price is up 45.13%

8 Jan
Deutsche Bank
292.00
Buy

Sharecast - Analysts at Numis Securities took a look at the current position of the brick industry in the UK on Tuesday, concluding that while sales volumes across the nation were expected to remain "broadly flat", supply and demand dynamics remained attractive, and forecast higher prices too.
"Looking to 2018, despite an expected increase in UK production, we believe that sales volumes by UK manufacturers will be flat (as 2017 was augmented by sales from inventory, which we do not think can repeat). We, therefore, expect demand growth to be met by an increase in imports, and this dynamic has historically led to higher brick prices," the report read.
Indeed, Numis added it would "not be surprised" to see average 2018 brick price inflation in the mid-single digits, indicating share price upside for the likes of Ibstock and Forterra.
Christen Hjorth, along with the co-authors of the industry review, said she believed that it was likely that growth for UK brick producers would be a mirror image of 2017, but noted that there were important mix dynamics to account for.
In the same report, Numis indicated that Ibstock would likely outperform the industry with sales growth of 1%, projecting 5% growth at Forterra, driven by planned increases in available capacity. In parallel, the firms were expected to achieve average price increases of 4% and 4.9% over the year, respectively.
"Driven by our peer group analysis, we believe that an average 2019 P/E ratio of 12.5x for the brick sub-sector is attainable on a one-year view. Based on this and an assumed 5% P/E ratio discount for Forterra (to reflect Ibstock's larger scale/liquidity), we set our target price at 288p/share for Ibstock (from 270p) and 335p/share for Forterra (unchanged). This suggests 15% and 19% upside, respectively, and we, therefore, maintain our Add recommendations for both companies."

Final results

Financial Highlights:

n
Strong growth in revenue and adjusted EBITDA in line with management's expectations
n
Net debt1 to EBITDA at 1.0x
n
Continued strong underlying cash conversion1
n
Successful refinance of debt in March 2017
n
Final dividend of 6.5 pence per share (2016: 5.3 pence per share) making the 2017 full year dividend 9.1 pence per share (2016: 7.7 pence per share)
n
Announcement of the Group's supplementary dividend policy

Operational Highlights

n
Ibstock Brick benefitting from good activity levels within the UK new build housing sector with brick volumes ahead year-on-year supported by stock reductions
n
Continued growth in UK Concrete
n
Investment in additional UK brick capacity to meet demand

‐
New 100m capacity brick plant in Leicestershire commenced commissioning in Q4 2017 and will expand the Group's UK brick capacity by c.13% when in full production in FY2019
‐
Replacement of the brick kiln at the Lodge Lane blue brick plant in Cannock on schedule, with commissioning well advanced

n
New roof tile project at Forticrete now completed with good demand take-up from major housebuilders
n
US performance down year-on-year with a slowdown evident from the Spring continuing through the second half of 2017
n
Joe Hudson joined the Group as CEO Designate in January 2018 and will take up the CEO post as part of an orderly succession process

13:20 05/04/2018
Broker Forecast - Exane BNP Paribas issues a broker note on Ibstock Plc
Exane BNP Paribas today reaffirms its outperform investment rating on Ibstock Plc (LON:IBST) and raised its price target to 310p (from 280p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

Analyst Site Visit and Sale of Surplus Land
RNS
RNS Number : 5154S
Ibstock PLC
26 June 2018





26 June 2018


Ibstock plc

Analyst Site Visit and Sale of Surplus Land

Site Visit

Ibstock plc ('Ibstock' or the 'Group'), a leading manufacturer of clay bricks and concrete products with operations in the United Kingdom and the United States, is hosting a site visit for analysts and investors today to its new brick factory at the Group's manufacturing site at Ibstock, Leicestershire.

The event will focus on Ibstock Brick's UK manufacturing operations and will include a tour of the new factory. No material new information will be disclosed.

Sale of Surplus Land

Ibstock is also pleased to announce that it has entered into an unconditional contract for the sale of a former quarry near Bristol, England, for a consideration of £9.3 million in cash. The consideration is payable in full on completion, which is expected to be 31 August 2018, and it is anticipated that the sale will generate a reported pre-tax profit on disposal of c. £6 million.

Cant make enough bricks with current facilities!!!!

10:20 31/07/2018
Broker Forecast - Numis issues a broker note on Ibstock Plc
Numis today upgrades its investment rating on Ibstock Plc (LON:IBST) to add (from hold) and cut its price target to 270p (from 310p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

08:40 07/08/2018
Broker Forecast - Berenberg issues a broker note on Ibstock Plc
Berenberg today reaffirms its buy investment rating on Ibstock Plc (LON:IBST) and cut its price target to 310p (from 330p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

Maybe of interest.

Recent buys:

Aviva 31/7/18 25.4 million shares
Vulcan 29/8/18 approx 10 milliom shares

Has a yield of approx 6.3 (2018) forecast 8.1 and 9.1 coming years

Chart not impressive.

Bought a few in hope.

Disposal of US Brick Business and Trading Update
RNS
RNS Number : 2818I
Ibstock PLC
22 November 2018

Ibstock Plc
Disposal of US Brick Manufacturing Business and Trading Update

Disposal of Glen-Gery
Ibstock plc (the "Group" or "Ibstock") today announces the sale of the entire issued share capital of Glen-Gery, its US brick manufacturing business, to Brickworks Limited for an enterprise value of US$110 million on a debt free cash free basis. The value equates to over 8 times Glen-Gery's last twelve months EBITDA to June 2018, as reported.
As part of the transaction Brickworks Limited will assume certain liabilities, including an associated pension liability, and the net cash inflow for the Group is expected to be approximately US$95 million, subject to any closing account adjustments. We expect the transaction to close in the coming days.
The proceeds received by the Group will be used to repay debt. As a result of the disposal, and in combination with our strong underlying cash generation, we expect our net debt to be around £50 million by the end of 2018. This disposal further strengthens the Group's balance sheet and leaves us well positioned to invest to deliver long term growth as we focus on our core markets in the UK.
Ibstock Chief Executive Officer, Joe Hudson, commented:
"At the interim results in August we announced that we were undertaking a strategic review of certain aspects of our business, including our US operations, with a further update to be given at the full year results in March 2019.
"We have concluded that opportunities to grow the US business are not in line with our overall strategic objectives, and the decision was taken to dispose of these assets and refocus the Group on its core markets here in the UK. Following a competitive process, we believe that this is the best outcome for both Glen-Gery and Ibstock plc.
"I would like to thank our colleagues at Glen-Gery for their hard work and professionalism and we wish them the very best for the future.
"This divestment augments our strong underlying cashflow generation, leaving us with a strong balance sheet. Our capital allocation and shareholder return priorities remain unchanged, and we continue to assess both organic and inorganic investment options in the UK as we look to deliver long term growth."
Trading Update
Ibstock is pleased to confirm that the previously announced enhanced maintenance program in its UK brick business is progressing well and the Group remains on course to deliver adjusted EBITDA of £121m to £125m for the year ended 31 December 2018 (which assumed a full year 2018 contribution from Glen-Gery of £11 million). In addition, the Group announces it has generated proceeds of £3.7m from a further sale of surplus land which, when combined with our previously announced property sale, results in a total EBITDA impact of £9.5 million for the year. This amount is excluded from our adjusted EBITDA guidance above.
Whilst the uncertainty around the ongoing negotiations for the UK's withdrawal from the EU persists, the market backdrop in the new build housing sector remains positive. We will provide a further trading update for the year ended 31 December 2018 on 17 January 2019 as planned.