The Ibstock PLC Board has recommended a final dividend of 5.0 pence per share (2020: 1.6p) resulting in a full year dividend of 7.5 pence per share (pps), an increase of 5.9p (2020: 1.6p). The total dividend for 2021 represents a pay-out of 54% of adjusted earnings.
Other financial highlights include:
●Robust trading and good operational execution supported by continued strong demand across both clay and concrete markets
●Adjusted EBITDA of £103 million (2020: £52 million, 2019: £122 million) was ahead of their expectations, driven by outperformance in Clay division
●Statutory profit before tax of £65 million (2020: loss of £24 million, 2019: £82 million) reflects strong recovery from 2020 and reduced exceptional costs with a net exceptional gain of £5 million (2020: exceptional cost of £36 million)
●Strong recovery of Group adjusted EBITDA margin to 25.2% (2020: 16.5%, 2019: 29.9%) reflecting effective management of industry-wide supply chain challenges and dynamic pricing to address cost inflation
● Balance sheet strength enhanced with excellent free cash flow performance; net debt to adjusted EBITDA of 0.4 times (2020: 1.5 times) below bottom of 0.5 to 1.5 target range; liquidity headroom increased to £186 million (2020: £146 million)
