British brick manufacturer Ibstock Plc. (IBST.L) on Wednesday reported lower profit in fiscal 2024, impacted by reduced revenues and other charges. The company also maintained a positive outlook for the year ahead.
The company posted pre-tax profit of 20.68 million pounds in fiscal 2024, down from 30.07 million pounds in the previous year. This was due to the impact of lower underlying operating profits and an exceptional charge related to the Group's restructuring plan initiated in late 2023 and the cessation and wind down of its GRC business.
Profit for the year declined to 15.09 million pounds or 3.8 pence per share from 21.06 million pounds or 5.3 pence per share a year ago. On an adjusted basis, earnings per share declined 45 percent to 7.7 pence from 13.9 pence in the prior-year.
Group revenues for the year decreased by 10 percent to 366.21 million pounds from 405.84 million last year, mainly due to lower sales volumes in the first half of the year and a slight reduction in average selling prices across the core business.
Adjusted EBITDA fell 26 percent to 79.4 million pounds from 107.4 million pounds in fiscal 2023.
The company's Board has recommended a final dividend of 2.5 pence per share, which will be paid on May 30 to shareholders on the register on May 9. This will bring the full year dividend to 4.0 pence per share, down 43 percent from last year's 7.0 pence per share.
Looking ahead, the company said it continues to expect an increase in market volumes in 2025, with momentum building through the year. "With the benefit of these anticipated year-on-year volume increases, together with continued effective operational and commercial execution, the Group expects to make good progress in 2025, with performance expected to be weighted towards the second half," Ibstock added.
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