Brick sales holding up post-Brexit vote

London stock exchange-listed brick manufacturer Ibstock is reporting no drop in sales since the Brexit vote, with sales in July level with last year.

Wayne Sheppard, chief executive of Ibstock, said: “The EU Referendum result has added uncertainty to our outlook but, in advance of the important autumn period for new home sales, it remains too early to judge its full impact.

“It is reassuring however that, to date, current trading continues at normal seasonal levels. Contingency plans will enable us to balance production with sales volumes in the remainder of the year as necessary.”

Ibstock reported a rise in adjusted earnings to £55.6m for the first half to June, up from £51.8m, while turnover increased to £210m from £203.4m.

In the UK brick sales “declined slightly largely due to the industry wide destocking of bricks within the builders merchant and distributor supply chain.”

Sheppard added: “The fundamentals supporting the UK housing market remain in place. The sector continues to receive focused government support, mortgage availability is good and there remains an undersupply of new homes.

“Our businesses are well prepared for the challenges and opportunities that our markets may present and we look to the future with confidence.”