Ibstock Sees Solid Growth in 2017 First Half
Ibstock’s revenue for the 2017 first half reached £228.3 million (approximately $294 million), increasing 8.7% from £210.0 million (~ $370.4 million) in the 2016 period.
Ibstock plc recently announced its unaudited results for the six months ended June 30, 2017. Revenue for the 2017 first half reached £228.3 million (approximately $294 million), increasing 8.7% from £210 million (~ $370.4 million) in the 2016 period.
“The group has delivered a robust first half performance,” said Wayne Sheppard, CEO. “UK brick volumes were well ahead, driven by good activity levels in the UK new build housing sector, and our concrete businesses also enjoyed solid growth.
“Against this backdrop of continued robust demand, we are investing in the UK clay business to increase capacity. Our new brick factory in Leicestershire will begin commissioning in the final quarter of this year, with production to build progressively across 2018. When operating at its full capacity of 100 million bricks per annum, it will expand UK domestic brick production by 5%, adding a much-needed new source of supply. A second project—to increase capacity at our blue brick plant at Cannock—is also on track.
“Looking ahead, the longer term fundamentals underpinning the new-build housing market in the UK—government support, good mortgage availability and an undersupply of new homes—remain in place, although we continue to be alert to any changes in customer confidence stemming from political uncertainty after the recent general election result and the ongoing Brexit negotiations. The group remains strongly cash generative, we are investing for further growth, and our expectations for another year of progress are maintained.”
For more information, visit www.ibstockplc.com.