The CEO of Ibstock, the Leicestershire-headquartered manufacturer of building products, has praised the business’s “resilient performance” in 2024, in a new trading update, despite a dip in revenue.
Full year revenues at the company are expected to have decreased by 10% to approximately £365 million, in comparison to £406 million in 2023. The decline comes in hand with 2024 being a challenging year for UK construction markets, with total UK brick deliveries expected to be over 30% below the 2.5 billion recorded in 2022.
Ibstock highlighted a progressive improvement in sales volumes across the second half of 2024, with revenues in H2 2024 being 3% ahead of the prior year period and 6% ahead of H1 2024.
Adjusted EBITDA for 2024 is expected to be approximately £79 million.
Joe Hudson, CEO of Ibstock PLC, said: “We are pleased to have delivered a resilient performance, consistent with the guidance we gave at the half year, in a market where revenues continued to be impacted by subdued activity levels.
“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.
“Looking to 2025, we expect a further improvement in market volumes to build through the year. We made good strategic progress during 2024 to add efficient and sustainable new capacity to our network and we will continue to bring capacity back into production selectively to support our customers.
“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.”
