Firm to take £6m restructuring hit in 2024 numbers
Ibstock said income for last year will be down 10% when it announces its 2024 results in the spring.
In a trading update this morning, the brickmaker said revenue would be around £365m with the firm taking a £6m hit relating to restructuring costs at its glass fibre reinforced concrete business.
The firm, which last October saw US asset manager BlackRock increase its stake in the business to just over 12%, said it expected market conditions to get better this year.
It added: “The government’s indicated planning reforms and support for housebuilding are expected to support a recovery in residential construction activity over time, albeit planning and affordability remain limiting factors to near-term demand growth.
“Notwithstanding those near term constraints we continue to expect improved market conditions in 2025.”
It said a capital investment programme, which has included spending £50m on a new plant in West Yorkshire, was largely complete.
“[As a result] the group has lower cost, efficient and more sustainable capacity in place to respond to an increase in activity as market conditions improve.
“In anticipation of this we are incrementally investing to bring capacity into the network so that we are in a position to respond dynamically during the year.”
The firm will release its 2024 numbers on 5 March.
No comments yet