Ibstock sees revenues falls again after ‘challenging’ year

Revenues at Leicestershire brickmaker Ibstock fell further in 2024 – down 10% after another “challenging” year.

The firm said that total UK brick deliveries were almost a third down on 2022 levels and this had led to a 10% reduction in revenues to £365m – down from £406m. This follows a further fall of a fifth in 2023.

Ibstock said it’s adjusted EBITDA is around £79m; in 2022 it was £105m.

Despite this, Ibstock’s CEO, Joe Hudson, remained upbeat.

He said: “We are pleased to have delivered a resilient performance, consistent with the guidance we gave at the half year, in a market where revenues continued to be impacted by subdued activity levels. This result reflects our active management of capacity and cost, continued disciplined pricing and a progressive improvement in demand across the second half, as expected.

“Looking to 2025, we expect a further improvement in market volumes to build through the year. We made good strategic progress during 2024 to add efficient and sustainable new capacity to our network and we will continue to bring capacity back into production selectively to support our customers. We see a significant opportunity for a new era in housebuilding in the UK and with the investments we have made and our market leadership positions, the group remains well placed to support this over the medium term.”

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