Strong trading quarter for Ibstock
Brick manufacturer Ibstock said it performed well during the third quarter of the year amid strong demand in both the new build and repair and maintenance markets.
The group, which has sites in Cannock and Walsall, said supply chain impacts, particularly relating to the availability of freight and labour, were well managed, with both divisions delivering a resilient operational performance during the three months to September 30.
In addition, Ibstock said it has made progress in identifying opportunities to accelerate its growth and diversify its revenue base by targeting fast growing areas of the UK construction market. In particular, the company said it is targeting technologies, products and solutions aligned to sustainability and the industrialisation of construction processes.
CEO Joe Hudson said: "Trading in the third quarter remained strong, with robust demand continuing across both the housebuilding and repair, maintenance and improvement markets.
"While, as expected, supply chain conditions have become more challenging, we have managed the impacts well and continue to work closely with our customers on service levels. Despite the more difficult supply chain backdrop, we remain confident of delivering an outcome for the year in line with our previous guidance."
Ibstock also announced the launch of a new business unit, Ibstock Futures.
"This will target an immediate opportunity to increase the group’s presence in façade products and solutions for the fast-growing off-site and modular construction markets in both the new build and re-cladding markets, with products suitable for a wide range of residential, commercial and mixed-use applications," it said.
As part of the launch, Ibstock plans to build the UK's first automated brick slip systems factory in Nostell, West Yorkshire.
