As expected, Ibstock has released a very solid set of results for the first half of the year (EBITDA up 7% on H1 2016). We recently lowered our recommendation to ‘Neutral’ on valuation grounds and a sense that most of the recent cycle of earnings upgrades have now come through. Our initial take is that the latter is backed up by the results and accompanying commentary. Full year forecast changes are likely to be modest with Ibstock on course to deliver EBITDA growth of around 6% for the full year.
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