First-half revenue came in at £164mn, with like-for-like (LFL) sales down 10% as price increases were more than offset by weaker volumes.
Adjusted cash profit (EBITDA) fell 27.6% to £26mn, driven by lower production volumes and cost inflation.
Adjusted free cash outflows widened by £12mn to £22mn, while net debt rose 4.1% to £151mn at the end of the period. An interim dividend of 0.5p was announced, down from 1.5p last year.
Full-year adjusted cash profit (EBITDA) guidance has been downgraded, with management now expecting performance to come in at the lower end of market expectations of £59-68mn.
The shares fell 2.3% in early trading.
Our view
HL view to follow.
Ibstock key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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