Ibstock PLC announces an interim dividend of 2.5p per share

DividendMax Ltd.

Ibstock PLC announces an interim dividend of 2.5p per share

The Ibstock Board has decided to pay an interim dividend of 2.5 pence (2020: nil; 2019: 3.2 pence), reflecting the performance and cash generation of the business in the half, and the Board's confidence in the longer term outlook for the Group. 

Other financial highlights include:

●Strong trading performance with Group revenue for the six months to 30 June 2021 of £202 million up by 54% (2020: £131 million, 2019 £203 million). On a like-for-like basis, revenues were around 94% of 2019 levels

●Group adjusted EBITDA of £55 million materially above £10 million in H1 2020 reflecting robust recovery, and within 7% of H1 2019 adjusted EBITDA of £59 million

●Clay division revenues of £138m representing 92% of 2019, with sales volumes ahead of expectations and adjusted EBITDA margin of 34%, in line with HY 2019

●Concrete division revenues of £64m were 22% above 2019, or in line on a like-for-like basis with like-for-like adjusted EBITDA margin of 20.6%, marginally ahead of HY 2019

●Statutory profit before tax of £39 million (2020: loss of £52 million) reflects strong recovery from COVID-impacted period in 2020 and reduced exceptional costs with a net exceptional gain of £5 million (2020: exceptional cost of £35 million), and within 5% of H1 2019 profit before tax of £41 million

●Expected cost savings of £10 million captured in full during the period (being half of their annualised target of £20 million from FY20 restructuring), with good fixed cost discipline across the business

●Strong free cash flow and robust balance sheet with 0.6x net debt to adjusted EBITDA leverage ratio at period end, down from 1.5x at 2020 year-end, and 1.6x at H1 2020 period end

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