Brick sales recovering for Ibstock

Brick manufacturers Ibstock has seen sales recover as housebuilding has increased following the national coronavirus lockdown.

Increased housebuilding is helping Ibstock
Increased housebuilding is helping Ibstock

The group, which also produces concrete products and has sites in Cannock and Walsall, said trading improved steadily across the three months to the end of September.

Overall Group volumes recovering to around 90 per cent of last year's level in September and remained at these levels this month.

Revenue for the three months was 88 per cent of the same quarter in 2019.

Ibstock said it had continued to operate manufacturing sites in line with the recovery in customer demand and to ensure it had capacity in place to deliver on volume expectations for the final quarter.

It has social distancing measures and on site temperature checks in place at all of the group's locations.

Subject to there being no further material disruption in the rest of 2020, the board expects adjusted earnings before tax for the financial year to be about £50 million.

Chief executive Joe Hudson said: "We are encouraged by the continued recovery in demand seen in the third quarter in both our clay and concrete businesses, although we remain mindful that there is significant uncertainty in the period ahead.

"We remain confident in the recovery of our markets over time and that the actions we have taken in the business leave us both with the necessary flexibility to meet current challenges and an organisation well positioned to take full advantage of future opportunities."

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