Manufacturer launches £30m share buyback programme
Brick manufacturer Ibstock has launched a £30m share buyback programme after making a confident start to the year.
The FTSE-250 company is now forecasting its full-year performance will be “modestly ahead” of market expectations despite industry concerns about rising energy prices.
Ibstock said demand in both the new build housing and repair, maintenance and improvements (RMI) markets remains “robust”
Chief executive Joe Hudson said the share buyback plan was “demonstrating our ability to deliver enhanced returns to shareholders whilst continuing to invest in our future growth”.
The Leicestershire-based company is making the investment as it seeks to boost a flagging share price. Last night’s closing share price of 166p was just over half of the pre-pandemic peaks.
Hudson added: “We’ve made a strong start to 2022, supported by robust demand in our end markets and a dynamic commercial approach to manage input price inflation.
“Energy prices remain a key focus and our forward buying policy has ensured that around 75% of H2 2022 requirements are covered, with more than a third of 2023 requirements also locked in.”
