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Full Year Results 2015 – statement
10 Mar 2016
Results for the period from 28 November 2014 to 31 December 2015
Strong progress made in 2015 - results in line with expectations.
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, announces its preliminary results for the period from 28 November 2014 to 31 December 2015 (comprising 10 months of trading). The Group’s statutory results for the period are complicated by the acquisition of the operating companies from CRH plc in February and the IPO in October 2015. In addition to the statutory results, to assist shareholders in their understanding of the Group’s performance, Ibstock is therefore presenting its results for the year to 31 December 2015 on an adjusted basis to provide a full twelve month trading period with comparatives.
Statutory period results
- Group revenue for the period ended 31 December 2015 was £358.3 million
- Profit before taxation for the period of £94.7m
- Adjusted earnings per share of 16.2p
- Final dividend of 4.4p per share
Adjusted results
Year to 31 December | 2015 | 2014 | Change |
|---|---|---|---|
Revenue | £412.8m | £373.2m | +10.60% |
Adjusted EBITDA | £107.0m | £65.0m | +64.70% |
Financial highlights
- Results in line with expectations – strong growth in revenue and profit
- UK revenue ahead by 9% year-on-year, largely reflecting stronger clay brick prices
- Continued improvement in US performance - revenue up c.10% year-on-year in local currency
- Generating attractive returns: 26% EBITDA margin and 20% ROCE
- Strong free cashflow from operations of £69m reduced net debt to £145m (less than 1.4x adjusted EBITDA) – with debt reduced faster than anticipated
- Listing on the London Stock Exchange completed successfully on 27 October 2015
Operational highlights
- Market fundamentals remain supportive in UK and US
- Major capital projects progressing to plan and on budget
- New Leicestershire brick plant to increase UK capacity by 100m bricks (+13%), with commissioning scheduled for H2 2017
- New concrete tile line expected to be operational in H2 2016
- Price negotiations for 2016 concluded - all major customers and channels in line with management expectations
- Safety and customer service metrics compare favourably with industry benchmarks
Wayne Sheppard, Chief Executive Officer of Ibstock Plc, commented:
“Our 2015 results are particularly pleasing as they clearly show that despite the CRH disposal and subsequent IPO we maintained our focus and delivered excellent growth in sales, profitability and cash generation for our investors. While it is early in the year to have any real visibility, at this point our expectations for the full year remain unchanged despite a slower start for UK brick sales into the RMI market. Our major capital investment projects are progressing to plan and we anticipate another year of progress in 2016. The fundamentals supporting our business remain strong.”
Results presentation
Ibstock is holding a presentation to analysts at 0900 today at the offices of UBS, 1 Finsbury Avenue, London EC2M 2PP. Analysts wishing to attend should contact [email protected] to register.
An archived version of today’s webcast analyst presentation is available here.
Enquiries
Ibstock (enquiries via Citigate Dewe Rogerson)
Wayne Sheppard (CEO)
Kevin Sims (CFO)
Wayne Sheppard (CEO)
Kevin Sims (CFO)
Citigate Dewe Rogerson
Kevin Smith
Nick Hayns
020 7638 9571
Kevin Smith
Nick Hayns
020 7638 9571
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