Profits surge at Leicestershire brickmaker
Leicestershire brickmaking giant Ibstock has seen its profits surge after reaping the rewards of five years of strategic progress.
The manufacturer’s pre-tax profits increased by 61% last year, climbing from £65m in 2021 to £105m. Its revenues were also up, increasing by over £100m to £513m.
The success of Ibstock’s Atlas and Aldridge brick projects, a number of strategic acquisitions and investments in fast-growth areas of the UK construction market all played a part in the performance.
Despite the stellar figures, the firm said it was mindful that demand has been “cautious” in the early weeks of 2023, but added that it expects the situation to improve as the year progresses.
It said its expectations for the full year were unchanged.
In a statement to the London Stock Exchange, the brickmaker also revealed plans to open an Ibstock Futures innovation hub in the West Midlands during H1 2023.
Ibstock CEO Joe Hudson said: “These strong results reflect our continued focus on commercial and operational execution, which has enabled the Group to deliver significant growth and improved returns despite a challenging backdrop. Revenue and profit were materially ahead of both the prior year and pre-pandemic levels, reflecting the strategic progress we have made over the last five years, with the development of a high quality, lower cost and highly efficient asset base allied to the strength of our market positions.
“We have faced into the challenges of recent years to emerge as a more diverse, higher quality business, with a strong management team and a clear strategy focused on value creation in the years ahead. As we face another period of uncertainty, we will draw on this experience to optimise our performance in the short term, while continuing to invest in, and diversify, the business to ensure we remain well placed to deliver on our medium-term targets.”
On Wednesday (8 March), the company also announced the appointment of Louis Eperjesi as senior independent director, replacing Tracey Graham. Eperjesi, who has been a non-executive director of Ibstock since June 2018, will officially take up the role on 27 April.
