July 30, 2018 / 7:18 AM / 4 months ago

Ibstock warns of lower H1 core earnings, shares plunge

July 30 (Reuters) - Clay bricks and concrete products maker Ibstock Plc expects a fall in first-half core earnings, hit by bad weather at the start of the year and higher costs, the company said on Monday, sending its shares 10 percent lower.

Brick output fell short of expectations in recent months in the UK, the company said, cautioning that cost recovery in the second half of the year is now likely to be below expectations.

Ibstock expects adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) to be 58 million pounds ($76.0 million) for the half year ended June 30, lower than 59.7 million pounds reported last year.

The company’s shares were the top percentage losers on the FTSE Midcap Index.

$1 = 0.7630 pounds Reporting by Muvija M in Bengaluru; Editing by Amrutha Gayathri

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