Ibstock 'well positioned' despite 'challenging' first few months
Ibstock PLC on Thursday reported lower revenue for the first third of this year, but expects a full-year outturn ‘broadly in line’ with consensus.
In response, Ibstock shares traded 3.0% higher at 99.60 pence late on Wednesday morning in London.
The Leicestershire, England-based building products supplier said group revenue for the four months ended April 30 was down approximately 10% on a like-for-like basis.
Ibstock noted that domestic brick market volumes fell 11% for the first quarter, while its concrete product volumes were ‘relatively weak’, as ‘challenging conditions’ continued to affect the UK residential construction market.
However, the firm reported a high single-digit year-on-year increase in brick volumes in April, followed by further positive trading this month, allowing its first-quarter brick market share to be in line with the prior year’s.
Additionally, it expects trading in its Concrete business to improve ‘in the coming months’, despite the ‘slower start’ in the year so far, judging by spending cycles for ‘certain infrastructure projects’.
‘Following challenging market conditions in the early months of 2026, including a very wet start to the year, we have seen a promising improvement in sales volumes in our clay business, with the group successfully maintaining market share,’ Chief Executive Officer Joe Hudson commented.
Looking ahead, Ibstock noted that the duration and full impact of the Middle East conflict are still ‘uncertain’, adding: ‘ This challenging backdrop is likely to continue in the near term, albeit we continue to see the potential for some improvement in H2.’
However, it also expects the increased cost inflation driven by rising energy and fuel prices to continue into the second half, although it is hedged for over 85% of its energy requirements for the first nine months of this year.
CEO Hudson added: ‘Whilst we are mindful of the potential impact of the Middle East conflict, the board believes recent activity levels support the group’s capability to deliver a full year outturn broadly in line with current market consensus expectations.
‘Further, with a well invested, lower-cost, more efficient and sustainable manufacturing network, Ibstock is well positioned to deliver growth in the medium term.’
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