Building products manufacturer meets profit expectations despite dip in sales

Leicestershire-based brick maker Ibstock says it has maintained a “strong” performance in its third financial quarter,  in the face of “demanding market conditions,” as it kept its profit expectations for 2023 unchanged.

The company specialises in manufacturing clay and concrete construction materials.

Ibstock says it experienced a decline in sales volumes in the third quarter compared to those seen in the second quarter of the year.

Chief executive officer Joe Hudson said: “The group delivered a resilient performance in the third quarter despite a very challenging market backdrop. I am proud of the way that everyone at Ibstock has remained focused on the delivery of a strong operational performance while also ensuring that the group made continued strategic progress.

“As macroeconomic conditions stabilise, we expect a recovery in market activity, reflecting the significant underlying demand for new build housing in the UK. Whilst we are taking a cautious view around the pace and timing of this recovery, we remain confident in our ability to continue to respond to market conditions, taking the action necessary to protect performance, while ensuring the business remains well-positioned for an increase in activity.”

Shares of Ibstock were trading at 122.60p each in London on Wednesday morning, showing a marginal decrease of 0.2%.