Ibstock sees FY in line despite 21% revenue fall

(Sharecast News) - Building products supplier Ibstock said it was confident in its medium-term prospects, despite subdued residential construction markets as fourth-quarter trading was in line with expectations. Full year revenues are expected to have fallen by 21% to around £405m, with adjusted core earnings in line with guidance.

"Trading in the final quarter in line with our expectations, underpinned by cost reduction action and stable pricing, with market conditions remaining subdued," Ibstock said in a trading statement on Wednesday.

"Against this backdrop, while the pace of cost inflation has continued to moderate, it remains a feature, with some modest year-on-year inflation expected to be largely covered by pricing action."

Reporting by Frank Prenesti for Sharecast.com