Ibstock half year profits up £12m
Brick group Ibstock, which has sites in Cannock and Aldridge, saw pre-tax profits grow by 32 per cent in the first half of 2022.
They were up from £39 million a year earlier to £51m with revenue rising 28 per cent to £258m in the six months to June 30.
Chief executive Joe Hudson said the strong first half performance had given Ibstock confidence for the full year outcome.
He added: "We continue to manage inflation and supply chain pressures well and are making good progress with our strategic development plans, with investments in new capacity progressing well, and good momentum in Ibstock Futures, as we focus on the delivery of our ambitious medium term financial target.
"Our market backdrop remains encouraging in the early weeks of the second half – demand is firm, asset utilisation is high and industry inventories remain low."
The strong performance was despite industry-wide inflation and supply chain challenges.
Ibstock was helped by robust demand from new build residential and infrastructure markets.
In the second half of the year capacity will be slightly below the first half due to the phasing of planned shutdowns and some inventory rebuild.
The group aims to maintain tight control of costs against a backdrop of ongoing cost inflation.
