- Ibstock on Monday lowered its full year earnings guidance as a twelve month period of increased maintenance activity is expected to get underway.

Ibstock said it expected that adjusted earnings (EBITDA) for the year ended 31 December 2018 would be in the range of £121m to £125m with reported EBITDA in the range £130m to £134m.

Brick production in the first half of the year was below expectations and cost recovery in the second half of the year is anticipated to be below expectations.

The group's adjusted EBITDA for the six months ended 30 June 2018 is expected to be circa £58m as a weather impacted start to the year and higher energy costs are expected to weigh on performance.

The group's new brick factory in Leicestershire is expected to be fully commissioned by the end of 2018, as planned, the company confirmed.

'While the resulting additional maintenance shutdowns and extra spending on plant maintenance and refurbishment will have a short-term impact on our financial performance, we firmly believe that it is the right thing to do for our customers and to maximise long-term value for shareholders,' Joe Hudson, CEO. At 9:24am: [LON:IBST] Ibstock Plc share price was -31.5p at 246.5p

Story provided by