Annual revenue up 29pc for Ibstock

Brickmakers Ibstock expects 2021 revenue to be up by 29 per cent to £409 million.

WALSALL PIC MNA PIC  DAVID HAMILTON PIC  EXPRESS AND STAR 14/9/21 GV Ibstock Atlas Factory, Stubbers Green Road, Aldridge..
WALSALL PIC MNA PIC DAVID HAMILTON PIC EXPRESS AND STAR 14/9/21 GV Ibstock Atlas Factory, Stubbers Green Road, Aldridge..

The group, which has sites in Cannock and Aldridge, expects to report earnings modestly ahead of previous expectations.

It has been helped by demand from new build housing and the repairs and maintenance sectors.

It will report its full year results on March 9.

There was a strong performance in the final quarter of the year driven by continuing robust demand trends and good operational execution.

The industry-wide challenges in the supply chain, including availability of freight and labour, and from cost inflation continued to be well managed.

Ibstock says it is well positioned for significant further financial and strategic progress in the current year.

Its investment at the Atlas factory at Aldridge is on track. It is extending the building and stockyard at Stuibbers Green Road to more than double annual production of bricks from the site from 40 million to 105 million.

Chief executive Joe Hudson said: "Customer demand remained resilient in the final quarter and a combination of a strong operational performance and proactive management of inflationary pressures have ensured that Ibstock was able to deliver a strong financial performance for 2021.

"Whilst we are mindful of ongoing uncertainties, including industry supply chain pressure and cost inflation, the good momentum achieved to the end of the year provides us with a strong platform for significant further financial and strategic progress in 2022.

"The UK construction industry has a vital role to play in supporting economic recovery following the Covid-19 pandemic and addressing climate change in accordance with Government targets. Ibstock's investment in growth and innovation across our business positions us well to pursue opportunities and support the industry into the future."

Ibstock has been encouraged by the strength of the ongoing recovery in the construction industry and the resilience of demand from its house builder and merchant customers.

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