Ibstock, the manufacturer of clay bricks and concrete products and solutions, has hailed a strong first half performance, despite industry-wide inflation and supply chain challenges, resulting in robust profit and cash generation, giving the firm confidence for the full year.
According to interim results for the six months ended 30 June 2022, revenue increased by 28% to £259 million, up from £202 million in the same period last year.
Meanwhile the Leicestershire-based company posted a statutory profit before tax of £51 million, growing from £39 million.
Ibstock noted that trading in the early weeks of the second half is encouraging, with resilient demand across end markets.
Joe Hudson, Chief Executive Officer, said: “I am very pleased with the group’s first half performance, delivering profit and cash both significantly ahead of the prior period, supported by sustained robust demand across all our end markets and good operational execution.
“We continue to manage inflation and supply chain pressures well and are making good progress with our strategic development plans, with investments in new capacity progressing well, and good momentum in Ibstock Futures, as we focus on the delivery of our ambitious medium term financial targets.
“Our market backdrop remains encouraging in the early weeks of the second half – demand is firm, asset utilisation is high and industry inventories remain low – and the strong first half performance gives us confidence in the full year outcome. We have a clear strategy based on both core and diversified growth and will continue to apply our dynamic and disciplined approach to capital allocation.
“While we remain mindful of the broader macroeconomic uncertainties, the Board now expects to deliver adjusted EBITDA for the full year modestly ahead of the expectations signalled in April.”
