Ibstock swings to profit amid strong demand
By Michele Maatouk
Date: Wednesday 09 Mar 2022
(Sharecast News) - Brick and concrete products manufacturer Ibstock said on Wednesday that it swung to a full-year profit amid strong demand.
In the year to the end of December 2021, the group swung to a statutory pre-tax profit of £65m from a loss of £24m a year earlier, with revenues rising to £409m from £316m.
Ibstock said the clay division delivered strong progress, building on the momentum of the second half of last year, with clay sales volumes building back towards pre-pandemic levels. Meanwhile, the concrete business continued to benefit from its exposure to a broad range of repairs, maintenance and improvement (RMI) markets and "resilient" demand for its products.
Chief executive Joe Hudson said the results reflect continued robust demand across the company's markets and strong operational execution.
"Despite market-wide challenges arising from cost inflation and supply chain pressure, we have delivered a result ahead of the board's expectations, and are well positioned for future growth," he said.
"Whilst we remain mindful of the broader macroeconomic uncertainties, particularly in light of the tragic conflict in Ukraine, we have made a good start to 2022, with a strong demand backdrop. This positive momentum, along with additional brick capacity coming on stream during 2022, provides us with a strong platform to deliver significant further financial and strategic progress."
At 0835 GMT, the shares were up 4.2% at 160.47p.
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