Revenues are expected to drop by 23% at Ibstock, the manufacturer of clay bricks and concrete products, in its latest financial year.
In a trading update for the year ended 31 December 2020, the company noted that strong recovery in market conditions through the second half has enabled it to achieve revenues of around £315 million for the full year, with second half performance down by approximately 10% year on year.
Meanwhile, as a result of strong trading performance in Q4, the firm now expects to report adjusted EBITDA for 2020 modestly above previous guidance of £50 million.
Joe Hudson, CEO of Ibstock PLC, said: “I am proud of the way that our people have navigated the challenges of 2020, and I would like to thank them all for their continuing effort and commitment. Our focus remains, above all else, on ensuring the health and safety of colleagues, customers and partners across the supply chain.
“Having taken steps to protect and reshape our business, the Group traded ahead of our expectations in the latter part of the year. While we are mindful of the ongoing uncertainties relating to COVID-19, we are encouraged by the continuing recovery of our markets through the end of 2020 and enter the new year in a strong position to capitalise on the opportunities in front of us.”