Clay brick sales grow for Ibstock
Brick making group Ibstock has seen sales of its clay products rise strongly in the first three months of this year.
The group, which has sites in Cannock and Aldridge, said its investment-driven growth initiatives are progressing well.
It is investing in extending its building and stockyard at the Atlas factory in Stubbers Green Road, Aldridge, to more than double annual production from 40 million to 105m bricks.
Ibstock has also announced a £30 million share buy back programme. The return of capital is in addition to committed growth investments of more than £100m.
In energy its hedging strategy has positioned Ibstock well against a backdrop of elevated prices. It has now substantially covered energy requirements for the first half of the year and has purchased around 75 per cent of requirements for the second half and has more than a third covered for 2023.
Chief executive Joe Hudson said: "We've made a strong start to 2022, supported by robust demand in our end markets and a dynamic commercial approach to manage input price inflation.
"Energy prices remain a key focus."
He added that Ibstock expected to deliver performance for the full year modestly ahead of its previous expectations.
Ibstock Clay is the leading manufacturer by volume of clay bricks sold in the UK with 16 manufacturing sites. It also operates a network of 18 active quarries located close to its manufacturing plants.
Ibstock Concrete is a leading manufacturer of concrete roofing, walling, flooring and fencing products, along with lintels and general concrete building products, with 14 manufacturing plants in the UK.
