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Ibstock profit up after post-Brexit sales

The firm saw revenue for the six months to 30 June 2016 rise by 3.3 per cent to hit £210m, up from £203.4m in the same period a year earlier.

CEO Wayne Sheppard said that current trading remained at “normal seasonal levels” despite the vote to leave the European Union, and added that the firm had contingency plans in place to help the firm “balance production with sales volumes as necessary” for the remainder of the year.

Following the EU referendum, like-for-like brick volumes in July were at the same levels as the same month a year earlier.

“The [housing] sector continues to receive focused government support, mortgage availability is good and there remains an undersupply of new homes,” he said.

“Our businesses are well prepared for the challenges and opportunities that our markets may present and we look to the future with confidence.”

EBITDA for the first six months of the year increased by 7.3 per cent, reaching £55.6m, up from £51.8m in H1 2015.

The firm added that its brick business was seeing strong levels of activity from the housing market, which has offset destocking by UK merchants and distributors.

Its concrete products business also performed strongly, receiving a boost from an increase in activity in domestic landscaping RM&I work.

The brick manufacturer’s results tally with data released this week by the Department for Business, Energy & Industrial Strategy, which showed brick deliveries and stocks in Q2 2016 were at their highest levels for nearly three years.

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BDC 314 : Mar 2024