Revenue and profit have dropped at Ibstock, the manufacturer of building products, according to results for the year ended 31 December 2024.
Revenues reduced by 10% to £366 million, from £406 million in 2023, principally reflecting lower sales volumes in the core business during the first half of the year.
Market demand improved progressively throughout 2024, with revenues in the second half of the year 3% ahead of the equivalent period in 2023 and 6% ahead of the first half.
Amidst subdued market conditions, statutory profit before tax declined from £30 million in 2023 to £21 million, reflecting a lower trading performance and an exceptional charge of £12 million.
Looking ahead, Ibstock noted that trading in the early weeks of 2025 has been solid, with sales volumes ahead of the comparative period.
Joe Hudson, Chief Executive Officer, said: “Our continued focus on the active management of capacity and margin ensured we delivered a resilient performance in 2024. As expected, we saw a progressive improvement in sales volumes through the second half with demand supported by our leading service and supply proposition.
“The effective management of pricing and volumes throughout the year underpinned resilient margins combined with market share gains through the latter part of the 2024 year.
“Against this backdrop, I am also pleased to report strong progress against all elements of the Group’s strategy with lower cost, more efficient and sustainable capacity in place to support market recovery, and continued progress towards our ambitious sustainability targets.
“We expect an improvement in market volumes in 2025, with momentum building through the year. Ibstock is well-positioned for a market recovery, and the fundamental drivers of demand in our markets remain firmly in place.
“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 and benefit from this over the medium term.”
