Manufacturer raises expectations again
Leicestershire manufacturer Ibstock has enjoyed a strong summer and it now expects its full-year performance to be ahead of its expectations.
The brick and concrete specialist had previously revealed a 32% jump in pre-tax profits for the first half of the year and in July said earnings would be “modestly ahead” of expectations.
Ibstock said it continued to trade well in the third quarter – with “robust demand” alongside its energy price surcharge, which allowed it to recover cost inflation – and has further increased its forecasts for 2022.
Chief executive Joe Hudson said while they “remain mindful of the elevated macroeconomic uncertainty”, the company is confident it will maintain momentum.
“Our strong trading in the first half of the year continued through the third quarter, supported by robust demand across our end markets,” he said.
“We are making good progress in line with the strategy set out in March, and have continued to invest in areas that support our plans to capture growth opportunities across both our existing markets and new, fast growth segments of the construction sector.”
Last year Ibstock announced a £50m investment to create the UK’s first automated brick slips factory.
The facility, to be based in West Yorkshire, is part of the launch of Ibstock Futures – a new business unit established to capture growth opportunities in new, fast-growth sectors of the UK construction market.
Ibstock has confirmed the Futures leadership team is now in place and “the business is well placed to accelerate the Group’s entry into fast growth construction product, solutions and technology markets”.
