Ibstock, the manufacturer of clay bricks and concrete products and solutions, says its has made “a good start to 2023 despite a subdued demand environment in both the residential new build and RMI markets.”
According to a trading update for the first quarter of 2023, EBITDA was marginally ahead of the Leicestershire-based company’s expectations, which Ibstock says reflects “disciplined management of capacity and cost, combined with good commercial execution.”
Meanwhile, Ibstock’s growth initiatives – the Atlas, Aldridge and Nostell capital investment projects – are all “progressing well.” Ibstock Futures also continues to build its market offering, with growth during the first quarter in line with expectations.
Joe Hudson, Chief Executive Officer, said: “We’ve made a good start to 2023, with EBITDA marginally ahead of our expectations, underpinned by strong operational discipline and good commercial execution. Market conditions were subdued through the early months of 2023, although we expect this to improve as the year progresses.
“Our major organic growth investments remain on track, with our pathfinder factory at Atlas expected to deliver the UK’s first carbon neutral verified bricks by the end of the year, and Ibstock Futures continuing to build capability and scale.
“We remain confident in our ability to respond effectively to trading conditions, and to deliver a full year performance in line with market expectations.”
