Firm says 2021 earnings will be ahead of previous estimate
Brick manufacturer Ibstock has said it expects 2021 earnings to be ahead of expectation when it publishes its annual results in March.
In a trading update, the firm said adjusted earnings would be 鈥渕odestly ahead鈥� of previous estimates with turnover up 29% to 拢409m thanks to booming housing and RMI demand.
The firm, which is spending 拢50m on building a new plant in West Yorkshire to create an automated brick slip systems factory capable of producing up to 60 million brick slips a year from 2025, said net debt at the year-end had gone down to around 拢40m from 拢69m.
It added supply chain problems such as availability of freight and labour remained but had 鈥渃ontinued to be well managed鈥� in the last three months of the year. It said price hikes on its products had offset the costs of increased energy, freight and materials costs.
The firm will release its 2021 results on 9 March.
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