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Revenue and profits decline at Ibstock
Ibstock has seen a decline in revenue and profits during the first half of its new financial year, with the manufacturer of building products noting that sales volumes were “down significantly.”
According to results for the six months ended 30 June 2023, revenue decreased 14% to £223 million, in comparison to £259 million in the same period of 2022. The company said this reflected reduced activity levels in its residential markets.
Profit before tax of £30 million, meanwhile, dipped from £51 million in 2022, reflecting an exceptional cost of around £11 million arising from potential clay site closures.Joe Hudson, Chief Executive Officer, said: “Our first half performance demonstrates our resilience in a subdued market environment, with lower customer demand across both new build and RMI segments. Our focus on customer service and commercial execution, coupled with disciplined management of capacity and costs, has enabled us to deliver a result marginally ahead of our expectations, despite more challenging trading conditions.
“We have continued to make strong progress with our strategic investment plans that will underpin Ibstock’s future growth and enhance our industry leadership position. By focusing on expansion, diversification and innovation we are building new capabilities in faster and sustainability-led growth segments of the UK construction market.
“Although overall sales volumes were down significantly in the first half, demand showed improvement across the period. Whilst recent macroeconomic developments have created increased uncertainty in the outlook, having performed marginally ahead of our expectations during the first half we remain confident in our ability to respond to market conditions in the balance of the year and the Board’s expectations for the full year are unchanged.“
Celebrate the achievements of the region’s property and construction industry at the East Midlands Bricks Awards 2023
After winning the most active agent award at last year’s event, Amy Bidell, director at Mather Jamie, said: “Apparently this category had so many entries that whittling it down to the three finalists was really hard to do, but we were told that we were chosen as the outright winner because of the our impressive track record of supporting clients to maximise the value of their property assets for the longest timeframe.
“Judges were also impressed by our commitment to the community, particularly our fundraising efforts during our 30th anniversary year when over £55,000 was raised for local charities.”
She added: “It would not be right to accept this award without giving credit to everyone in our commercial, development and agricultural teams who have worked so hard to make this award win possible by providing a high level of strategic land development advice as well as rural and commercial agency and property management services.”
To nominate your (or another) business/development for the East Midlands Bricks Awards 2023, please click on a category link below or visit this page:- Most active estate agent
- Commercial development of the year
- Responsible business of the year
- Residential development of the year
- Developer of the year
- Deal of the year
- Architects of the year
- Excellence in design
- Sustainable development of the year
- Contractor of the year
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
Book your tickets now
Tickets can now be booked for the East Midlands Bricks Awards 2023 – click here to secure yours. The special awards evening and networking event will be held on Thursday 28 September 2023 in the Derek Randall Suite at the Trent Bridge Cricket Ground from 4:30pm – 7:30pm. Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region, and hear from Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, our keynote speaker. Dress code is standard business attire. Thanks to our sponsors:











