Firm to take 拢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 拢365m with the firm taking a 拢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.

ibstock site 2

Sales of bricks were down 10% last year, the firm has said

It added: 鈥淭he government鈥檚 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.

鈥淣otwithstanding those near term constraints we continue to expect improved market conditions in 2025.鈥�

It said a capital investment programme, which has included spending 拢50m on a new plant in West Yorkshire, was largely complete.

鈥淸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.

鈥淚n 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.鈥�

The firm will release its 2024 numbers on 5 March.

Topics