Ibstock on track for net zero boost while revenue rises in 2022
UK manufacturer Ibstock plc says growth investments at Atlas and Aldridge – its wire cut factories in the West Midlands – are on track to deliver the UK's first net zero bricks from the end of this year.
Ibstock made the revelation while it reflected on a 'resilient performance' in the final quarter of 2022.
The company, which makes clay and concrete building products and solutions, said sales volumes reduced in quarter four compared to the prior year, across both new build and Repairs, Maintenance & Improvement (RMI) activity.
But it said disciplined cost management had underpinned a solid earnings before tax margin performance.
And it said full year revenues are expected to increase by 25% to approximately £510 million from £409 million in 2021.
Joe Hudson, CEO of Ibstock PLC, said: "The business delivered a resilient performance in the final quarter of 2022, despite, as expected, lower sales volumes across both new build and RMI markets reflecting a more cautious demand environment.
"A continued disciplined focus on cost management, alongside our dynamic commercial approach, underpinned a solid margin performance in Q4 and resulted in adjusted EBITDA for 2022 that was modestly ahead of our previous expectations.
"The strong performance achieved in 2022 reflects the strategic progress we have made as a business over recent years.
"Our balance sheet is strong. We continue to make good progress towards our ambitious 2030 ESG targets, and our growth investments in both the core business and Ibstock Futures are progressing well.
"We are particularly excited about the prospect of producing the UK's first net zero2 carbon brick at our redeveloped Atlas factory before the end of this year.
"Whilst in the short-term we expect market conditions to be more challenging, we remain well positioned to deliver strong growth over the medium-term."
