IN BRIEF: Ibstock swings to interim loss on weak UK housing market

Ibstock PLC - Leicestershire, England-based building products supplier, including clay bricks and concrete walls, floors and fencing - Falls to pretax loss of £26.6 million in the six months that ended June 30 from a profit of £7.7 million a year before, as revenue declines 15% to £164.2 million from £193.4 million while cost of sales rises 8.6% to £153.1 million from £141.0 million. The resulting drop in gross profit to £11.1 million from £52.5 million is only partly mitigated by reduction in administrative expenses to £18.2 million from £23.8 million. Adjusted earnings before interest, tax, depreciation and amortisation falls 28% to £26 million from £36 million, and adjusted Ebitda margin narrows to 15.7% from 18.4%.

Amid the weaker results, Ibstock slashes its interim dividend by two thirds to 0.5 pence per share from 1.5p a year before.

Looking ahead, Ibstock says that, while it expects the UK private house building and remodelling markets to "remain challenging in the near term", it expects to achieve "stronger" adjusted Ebitda in the second half than the first. Even so, the full-year outturn will be "around the lower end" of market expectations, which Ibstock cites as £59 million to £68 million in adjust Ebitda.

Separately last week, Ibstock said Senior Independent Director Louis Eperjesi will leave the board at the end of December, as he is set to join the board of larger construction materials peer Breedon Group PLC in early 2027. Nicola Bruce will replace Eperjesi as senior director, having joined the board in 2023. Ibstock said it will look for a new non-executive director.

Current stock price: 94.20 pence, down 3.7% in London on Wednesday afternoon

12-month change: down 36%

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