Ibstock FY revenues fall despite 'resilient' performance
By Iain Gilbert
Date: Thursday 16 Jan 2025
(Sharecast News) - Brickmaker Ibstock said on Thursday that it had delivered a "resilient performance" in 2024 despite it being a "challenging year" for UK construction markets.
Ibstock said full-year revenues were expected to have fallen roughly 10% to £365.0m, principally resulting from lower sales volumes across its core business, with total UK brick deliveries expected to be over 30% below the 2.5bn recorded in 2022.
The FTSE 250-listed group also stated that FY adjusted underlying earnings were expected to be approximately £79.0m, subject to audit, in line with guidance provided at its interims.
Ibstock added that Downing Street's indicated planning reforms and support for housebuilding were expected to support a recovery in residential construction activity over time and said, notwithstanding certain near-term constraints, it continues to expect improved market conditions in 2025, with momentum building through the year.
Chief executive Joe Hudson said: "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.
"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."
As of 0920 GMT, Ibstock shares were down 1.53% at 167.80p.
Reporting by Iain Gilbert at Sharecast.com
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