Ibstock Board is to recommend a final dividend of 5.5p per share (2021: 5.0p), for payment on 12 May 2023 to shareholders on the register on 21 April 2023. This will bring the full year dividend to 8.8p per share (2021: 7.5p), an increase of 17%. In recommending this level of dividend, the Board remains mindful of its objective to deliver a sustainable and progressive ordinary dividend over time.
Other financial highlights include:
●Strong trading performance for the year, with both revenue and profit materially ahead of both the prior year and pre-pandemic comparators
●Adjusted EBITDA of £140 million (2021: £103 million) was ahead of their expectations set at the beginning of the year, with EBITDA margin of 27.2% (2021: 25.2%)
●Return on Capital Employed (ROCE) increased to 23.4% (2021: 15.8%) ahead of medium term target of 20%
●Balance sheet strength maintained with closing leverage of 0.4x (Dec 21: 0.4x) after £38 million of growth capital and £30 million share buyback during the year
