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Ibstock performance 'modestly' ahead of expectations, hails £60m investment in clay division
StockMarketWire.com
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Clay bricks and concrete products maker Ibstock said the new fiscal year had started well, with trading 'modestly' ahead of expectations.
The company made a £60 million investment in its Atlas and Aldridge plants that will deliver 115 million brick capacity and a £12m EBITDA contribution per annum once fully operational.
The investment would be self-funded from the group's cash flow.
There was robust demand from both the new build housing and repairs, maintenance & improvement end markets, the company said.
Sales volumes in the Clay division for the first quarter were ahead of internal expectations, whilst concrete volumes for the quarter were in line with internal expectations.
At 8:54am: (LON:IBST) Ibstock PLC share price was 0p at 190.1p
Story provided by StockMarketWire.com
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