Ibstock delivers 'solid' Q3 performance

17th Oct 2024 09:11

(Sharecast News) - Building products manufacturer Ibstock said on Thursday that it had delivered "a solid performance" in the third quarter, with adjusted underlying earnings broadly in line with internal expectations.

Ibstock stated sales volumes were similar to the same time a year earlier, with a continuing focus on selling price and cost management underpinning a "resilient margin performance".

The FTSE 250-listed group, which reiterated its full-year adjusted EBITDA guidance, added that it had maintained its focus on cash management, with tight control of capital expenditure and working capital delivering a cash flow performance in line with expectations.

Chief executive Joe Hudson said: "The group delivered a solid performance in the third quarter, continuing to manage cost and capacity tightly, with EBITDA for the period broadly in line with our expectations and margins remaining resilient. Our expectations for full-year performance are unchanged from the guidance provided at the half-year.

"I believe the business has responded well to the challenges of the last few years, managing a significant downturn in its markets skilfully and responsibly, leaving Ibstock in a strong position to respond as our markets recover."

As of 0910 BST, Ibstock shares were up 0.21% at 192.80p.

Reporting by Iain Gilbert at Sharecast.com