Ibstock, the Leicestershire-based manufacturer of clay and concrete building products and solutions, has hailed a resilient performance in the final quarter of 2022, despite lower sales volumes across new build and RMI markets in a more cautious demand environment.
A trading update for the year ended 31 December 2022 highlights that revenues are expected to increase by 25% to approximately £510 million, in comparison to £409 million in 2021.
Adjusted EBITDA, meanwhile, is expected to be modestly ahead of previous expectations.
Joe Hudson, CEO of Ibstock PLC, said: “The business delivered a resilient performance in the final quarter of 2022, despite, as expected, lower sales volumes across both new build and RMI markets reflecting a more cautious demand environment.
“A continued disciplined focus on cost management, alongside our dynamic commercial approach, underpinned a solid margin performance in Q4 and resulted in adjusted EBITDA for 2022 that was modestly ahead of our previous expectations.
“The strong performance achieved in 2022 reflects the strategic progress we have made as a business over recent years. Our balance sheet is strong, we continue to make good progress towards our ambitious 2030 ESG targets, and our growth investments in both the core business and Ibstock Futures are progressing well.
“We are particularly excited about the prospect of producing the UK’s first net zero carbon brick at our redeveloped Atlas factory before the end of this year.
“Whilst in the short-term we expect market conditions to be more challenging, we remain well positioned to deliver strong growth over the medium-term.”
