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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ibstock Plc | LSE:IBST | London | Ordinary Share | GB00BYXJC278 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -3.20 | -2.09% | 149.80 | 151.20 | 152.20 | 154.40 | 151.20 | 153.00 | 1,697,957 | 16:35:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Concrete Block And Brick | 405.84M | 21.06M | 0.0537 | 28.31 | 595.94M |
From Apr 2019 to Apr 2024
TIDMIBST
RNS Number : 7477U
Ibstock PLC
01 April 2019
1 April 2019
Ibstock plc ("the Company")
Publication of the 2018 Annual Report and Accounts and Notice of Annual General Meeting 2019
Further to the release of the Company's preliminary results announcement on 5 March 2019 (the "Results Announcement"), the Company announces that it has today published its full Annual Report and Accounts for the year ended 31 December 2018.
The Company also announces that it has today posted copies of the documents listed below to shareholders:
1. 2018 Annual Report and Accounts 2. Notice of Annual General Meeting 2019 3. Form of Proxy for the Annual General Meeting 2019
The Annual General Meeting 2019 will be held at 11:00am Thursday 23 May 2019 at the offices of Ibstock plc, 54 Hatton Garden, London, EC1N 8HN.
A copy of each of these documents has also been submitted to the UK Listing Authority via the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/nsm
The 2018 Annual Report and Accounts and Notice of Annual General Meeting 2019 will also be accessible later today via the Company's website at www.ibstockplc.com/investors
The Appendix to this announcement is a supplement to the Results Announcement and should be read together with the Results Announcement. It contains the information required, pursuant to DTR 6.3.5, to be communicated to the media in unedited full text that is in addition to the information communicated in the Results Announcement.
Enquiries Ibstock plc via Citigate Dewe Rogerson Joe Hudson, CEO Kevin Sims, CFO Citigate Dewe Rogerson 0207 638 9571 Kevin Smith Nick Hayns
Appendix
Principal risks and uncertainties
Hot Features
Premium
DESCRIPTION MITIGATION
Economic conditions
The Group's business could be The Group analyses construction
materially impacted by changes statistics for the past five
in the macroeconomic environment years and, using independent
in the UK. Specifically, demand forecasts of construction statistics,
for the Group's products is forecasts future demand with
strongly correlated with residential the aim of anticipating market
construction and renovation movements.
activities and non-residential
construction, together with The Group has historically flexed
the supply chain's attitude capacity and its cost base where
to stock levels, which are cyclical. possible during economic downturns
to allow more of the Group's
Should negative impacts on economic manufacturing plants to remain
conditions arise as a result open and viable, maintaining
of the UK's decision to leave skills, development and training.
the EU, this could include a The Group believes that this
reduction in housing demand, maintained employee morale and
or reduced mortgage availability high levels of customer service
or affordability. Such consequences through the last economic downturn.
would likely reduce demand for It also allows the Group to
the Group's products. respond more rapidly to increases
in demand and keep customers
satisfied.
The Group's RMI and specification
product ranges diversify end-use
exposure and provide greater
resilience in light of changing
market demand in any of its
end-use markets. Our responses
to possible Brexit implications
are noted within the "Principal
risks and Brexit" summary.
------------------------------------------------------------------------
Government action and policy
The Group has an exposure to The Group analyses construction
UK political developments. Material statistics for the past five
reductions in Government spending, years and, using independent
or changes in Government policy forecasts of construction statistics,
relating to housebuilding, could forecasts demand for the next
have a material effect on demand five years with the aim of anticipating
for the Group's products - reducing market movements.
sales and affecting the Group's
financial results. The major political parties
each included favourable housing
policies within their most recent
Election manifestos. This positive
policy environment has been
further supported by announcements
following the election - including:
the announcement of new financial
support for house building;
the new Help to Buy Equity loan
scheme which will run from April
2021; the abolition of stamp
duty on homes under GBP300,000
for first time buyers; and government
investment in teaching construction
skills such as bricklaying -
all announced in the Autumn
Statement 2017 or Budget 2018.
These measures, in addition
to the existing National Planning
Policy Framework ("NPPF") and
Help to Buy scheme, show the
Government's ongoing commitment
to house building. However,
the Group recognises the risk
which can result from political
changes or economic uncertainty.
RMI and new housing demands
are, to a certain extent, counter-cyclical
to each other, providing some
balance to the portfolio of
offerings for the Group.
------------------------------------------------------------------------
Government regulation and standards
relating to the manufacture
and use of building products The health and wellbeing of
The Group's production, manufacturing our employees is fundamental
and distribution activities to our business. We have stringent
are subject to Health and Safety Health and Safety policies and
risks. The Group is subject monitor compliance regularly
to environmental, health and through internal and external
safety laws and regulations auditing activity.
and these may change. These
laws and regulations could cause We have also invested considerable
the Group to make modifications resources in employee training
to how it manufactures and prices across our manufacturing processes.
its products. We have invested heavily in
safe systems and facilities
The impact of climate change to protect our employees.
and Government's response to
this could also lead to changes We recognise the importance
to laws and regulations that of being a sustainable business
could require that the Group and that climate change affects
make significant capital investments natural and economic systems,
or otherwise increase its costs and recognise their implications
or could result in liabilities. in all we do.
Failure of the Group to comply The Group has a proven record
with the relevant regulations of investment in the latest
could result in the Group being systems, plant, machinery and
liable to fines or a suspension technology and we continue to
of operations, which would impact address the need for enabling
the Group's financial results, conditions to address climate
together with any associated change concerns through the
negative reputational damage. development of our Sustainability
Roadmap 2025.
The Group currently complies
with existing legislative requirements
and actively monitors for any
legislative changes with which
it may need to comply.
------------------------------------------------------------------------
Customer relationships and reputation
The Group receives a significant The Group has a service-led
portion of its revenue from ethos with many top customer
key customers and the loss of relationships lasting over 40
any such customer through our years. The Group's customer
failure to evolve effectively focus is supported by a commitment
and meet the changing needs to quality, service and consistency.
of our customers could result
in a significant loss of revenue The Group's sales and production
and cash flow. teams are highly integrated
to ensure that production aligns
Further, the Group does not with customers' needs. Sales
have long-term contracts with teams receive in-depth technical
its customers and the Group's training and are assisted by
revenue could be reduced if a design support service team
its customers switch some or as well as targeted marketing
all of their business with the materials to assist with specification
Group to other suppliers or and selection.
if we are unable to leverage The Group's businesses each
our customer relationships effectively. have their own sales teams aligned
by customer group and region
in order to focus on key decision
makers and customers. Key account
management is supervised at
a senior level where long-term
relationships benefit from the
continuity of senior management
who have the ability to liaise
across the Group's businesses.
The Group has a broad spread
of customers and no single customer
comprises more than 10% of the
total Group revenue.
------------------------------------------------------------------------
Operational disruption
A material disruption at one The Group has the ability to
of the Group's manufacturing transfer some of its production
facilities or quarries, or at across its network of plants
one of the Group's suppliers' and is able to engage subcontractors
facilities, could prevent the to reduce the impact of certain
Group from meeting customer production disruptions.
demand.
In relation to supplier disruption
The Group depends on efficient or failure, further third party
and uninterrupted operations suppliers have been identified
of its information and communication who can maintain service in
technology, and any disruption the event of a disruption. In
to or interruptions in these relation to IT, a major incident
operations could have a material action plan has been developed
adverse effect on the Group's and the Group maintains data
operations and financial performance. backups and a comprehensive
disaster recovery plan covering
Additionally, the Group is exposed Group and individual factory
to the impact of unexpected locations.
or prolonged periods of bad
weather, which could adversely Management do not underestimate
affect construction activity the potential impact that future
and, as a result, demand for prolonged periods of bad weather
the Group's products. could have.
Weather conditions are beyond
the Group's control, although
historically adverse weather
has not impacted trading in
the context of any full year.
The Group's wide geographical
spread mitigates this risk to
some extent and allows it to
manage its production facilities
to mitigate the impact of such
disruption.
------------------------------------------------------------------------
Recruitment and retention of
key personnel We ensure that we recognise
The Group is dependent on qualified the changing labour markets,
personnel in key positions and and packages for key and senior
employees having special technical staff remain competitive.
knowledge and skills. Any loss
of such personnel without timely The Group believes that it is
replacement could significantly essential to protect and develop
disrupt business operations. the management team, where appropriate,
ensuring that the team is structured
in a way which best takes advantage
of the available skills and
robustly identifies the team
and structure for the future.
Extensive succession plans are
in place, which is key to ensuring
a managed transfer of roles
and responsibilities.
Apprenticeship schemes are in
operation with a yearly intake
across the business (engineering
and technical based). High potential
individuals are identified with
development plans formulated.
External recruits are brought
in where any skill gaps are
identified and to enhance the
talent pool.
------------------------------------------------------------------------
Input prices
The Group's business may be Significant input costs are
affected by volatility in extraction under constant review, with
expenses and raw material costs. continuous monitoring of raw
Risks exist around our ability material costs, energy prices
to pass on increased costs through and haulage expenses, with the
price increases to our customers. aim of achieving the best possible
prices and assuring stability
The Group's business may also of supply. With regards to possible
be affected by volatility in energy shortages, the Group
energy costs or disruptions operates a hedging strategy
in energy supplies. to mitigate the impact of sudden
price increases.
Significant changes in the cost
or availability of transportation As competitors of the Group
could affect the Group's results. are likely to experience similar
levels of input price increases,
we aim to have appropriate pricing
policies to remain competitive
within our markets and pass
on significant increases in
input costs.
------------------------------------------------------------------------
Product quality
The nature of the Group's business The Group operates comprehensive
may expose it to warranty claims quality control procedures across
and to claims for product liability, its sites with both internal
construction defects, project and external audit reviews of
delay, property damage, personal product quality completed to
injury and other damages. ensure conformance with internationally
recognised standards.
Any damage to the Group's brands,
including through actual or All accredited staff undergo
alleged issues with its products, rigorous training programmes
could harm our business, reputation on quality and the Group's Technical
and the Group's financial results. teams carry out regular testing
of all of our products to provide
full technical data on our product
range.
------------------------------------------------------------------------
Financial risk management
In addition to the input cost * Foreign exchange risk: The Group undertakes limited
risks outlined above, the Group foreign exchange transactions selling domestically
is subject to the following with largely local input costs. Some capex requires
other financial risks: foreign exchange purchases and management considers
* Foreign exchange risk: As the Group transacts in foreign exchange hedging strategies where significant
currencies other than Sterling, exchange rate exposures may arise.
fluctuations may adversely impact the Group's
results.
* Credit risk: Customer credit risk is managed by each
subsidiary subject to the Group's policy relating to
* Credit risk: Through its customers, the Group is customer credit risk management. The Group
exposed to a counterparty risk that accounts principally manages credit risk through management of
receivable will not be settled customer credit limits. The credit limits are set for
each customer based on the creditworthiness of the
customer and the anticipated levels of business
leading to a financial loss activity.
to the Group.
* Liquidity risk: Insufficient funds could result in
the Group being unable to fund its operations. These limits are initially determined
when the customer account is
first set up and are regularly
* Interest rate risk: Movements in interest rates could monitored thereafter.
adversely impact the Group and result in higher * Liquidity risk: The Group's policy is to ensure that
financing payments to service debt. it has sufficient funding and
facilities in place to meet
any foreseeable
peak in borrowing requirements
and
liabilities when they become
due. At 31 December 2018, the
Group holds banking facilities
of GBP213 million, as set out
in Note 19 of the Group financial
statements.
* Interest rate risk: The Group finances its
operations through a mixture
of retained profits and bank
borrowings. The Group's bank
borrowings, other facilities
and deposits are in Sterling
and at floating rates. No interest
rate derivative contracts have
been entered into during the
year or at the year end.
------------------------------------------------------------------------
Pension obligations
The Group has obligations to The Company plays an active
its employees relating to retirement role in the pension scheme -
and other obligations and any nominating up to half of the
changes in assumptions or in Trustees and the Group Chief
interest rate levels could have Financial Officer attends and
adverse effects on its financial chairs Trustee meetings.
position.
The Ibstock defined benefit
scheme was closed to future
accrual in February 2017 following
consultation with members. The
Pension Trustees and their external
advisers, as well as the internal
pensions team, have significant
expertise in the area and provide
oversight. Following the closure,
our agreed Statement of Investment
Principles, which is operated
to provide appropriate security
and achieve an appropriate balance
between risk and return, was
subject to review and an updated
policy has been developed to
ensure that investments follow
a reducing risk profile in light
of the scheme changes.
------------------------------------------------------------------------
Cyber security
High-profile attacks on companies The Group does not operate in
across a number of industry a high-risk sector, yet the
sectors (including one of our Group is committed to ensure
own major customers) have highlighted that its network, applications
the damage that can now be caused and data are protected.
by hackers and cyber terrorists.
As a result, and as the Group During the past two years, the
continues to evolve, operational Group has completed a review
risks such as cyber security using an external cyber security
risk have increased in focus. programme framework, which provides
Such IT security risks have coverage across the key areas
the ability to significantly of cyber security and aligns
disrupt the Group's business, with industry standards. This
resulting in financial loss. has culminated in the Group's
achievement of the UK Government's
Cyber Essentials accreditation.
------------------------------------------------------------------------
Directors' Responsibility Statement
The Directors, whose names and functions are given on pages 68 and 69 of the 2018 Annual Report and Accounts confirm that to the best of their knowledge:
- the financial statements, prepared in accordance with the relevant financial reporting framework,
give a true and fair view of the assets, liabilities, financial position and profit or loss
of the Group and Company and the undertakings included in the consolidation
taken as a whole;
- the Strategic Report and Directors' Report include a fair review of the development and performance
of the business and the position of the Group and Company and the undertakings included in
the consolidation taken as a whole, together with a description of the principal risks and
uncertainties that they face; and
- the Annual Report and financial statements, taken as a whole, are fair, balanced and understandable
and provide the information necessary for shareholders to assess the Group and Company's position
and performance, business model and strategy.
This Responsibility Statement was approved by the Board of Directors on 4 March 2019 and is signed on its behalf by Joe Hudson, Chief Executive Officer, and Kevin Sims, Chief Financial Officer.
Notes to Editors:
Ibstock plc is a leading manufacturer of clay bricks and a diversified range of clay and concrete products. Its principal products are clay bricks, brick components, concrete roof tiles, concrete substitutes for stone masonry, concrete fencing and pre-stressed concrete products.
The Group's primary businesses are:
Ibstock Brick: The leading manufacturer by volume of clay bricks sold in the United Kingdom. With 19 manufacturing sites Ibstock Brick has the largest brick production capacity in the United Kingdom. It operates a network of 23 active quarries which are generally located close to its manufacturing plants. Ibstock Brick has recently commissioned a new soft mud brick manufacturing plant in Leicestershire that added approximately 100 million bricks (c13%) to its brick production capacity per annum.
Supreme: A leading manufacturer of concrete fencing products, concrete lintels and general concrete building products, with seven manufacturing plants in the United Kingdom.
Forticrete: A leading manufacturer of concrete substitutes for natural stone walling, dressings and concrete roof tiles, with seven manufacturing plants in the United Kingdom.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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