Ibstock PLC on Thursday said revenue decreased in 2024, despite a ‘resilient performance’, as it gave a more positive outlook for 2025.
The Leicestershire, England-based company offers a range of building products, such as bricks, as well as technical and design services.
It estimates full-year revenue was around £365 million, down 10% from £406 million in 2023.
Ibstock said this is due to lower sales volumes across the core business, as total UK brick deliveries were more than 30% below 2022.
The company said it saw a ‘progressive improvement in sales volumes’ in the second half, with revenue 3% ahead of the prior year period and 6% ahead of the first half.
Adjusted earnings before interest, tax, depreciation and amortisation are expected to be approximately £79 million, in line with the company’s guidance from its half-year results.
Adjusted Ebitda was £107 million in 2023, down from £140 million in 2022.
Ibstock said it expects up to £6 million of exceptional costs from the restructuring of its Glass Fibre Reinforced Concrete activities.
It has continued to invest in capacity and capability and has made progress on projects to underpin medium-term growth.
Ibstock said it expects the UK government’s planning reforms to support a recovery in residential construction activity, but it sees near-term demand growth to be limited by planning and affordability.
It forecasts improved market conditions in 2025 ‘with momentum building through the year’.
‘With our capital investment programme now substantially complete, the group has lower cost, efficient and more sustainable capacity in place to respond to an increase in activity as market conditions improve.’
Ibstock anticipates ‘good progress in 2025’ and said its medium-term prospects remain strong as fundamental drivers continue to underpin demand.
Chief Executive Officer Joe Hudson said: ‘We are pleased to have delivered a resilient performance, consistent with the guidance we gave at the half year, in a market where revenues continued to be impacted by subdued activity levels. This result reflects our active management of capacity and cost, continued disciplined pricing and a progressive improvement in demand across the second half, as expected.
‘Looking to 2025, we expect a further improvement in market volumes to build through the year. We made good strategic progress during 2024 to add efficient and sustainable new capacity to our network and we will continue to bring capacity back into production selectively to support our customers. We see a significant opportunity for a new era in housebuilding in the UK and with the investments we have made and our market leadership positions, the group remains well placed to support this over the medium term.’
Ibstock shares were down 2.0% to 167.00 pence on Thursday morning in London.
Copyright 2025 Alliance News Ltd. All Rights Reserved.
