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Ibstock holds guidance after Q1 trading improves
(Sharecast News) - Specialist brick maker Ibstock held annual guidance after trading conditions improved in the first quarter, reflecting increased demand in new build residential construction and a relatively weak comparative in 2024. Sales volumes and revenues across its core business were in line with expectations and well above the prior year, the company said in a trading statement on Wednesday.
The firm, a specialist manufacturer of clay bricks and concrete products, has been hit hard by the downturn in the building sector.
"Whilst we have seen a more competitive pricing environment in some areas of the market, we continue to take a disciplined approach to pricing," Ibstock said.
"We have started to capture the benefit of price increases initiated towards the end of the first quarter although, with market recovery more pronounced in new build residential markets, selling prices in the period were adversely impacted by sales mix."
First-quarter core earnings margins were down year on year due to the impact of cost inflation ahead of pricing action, sales mix and additional costs invested in its factory network.
"Whilst we remain mindful of broader macroeconomic uncertainties, our full year expectations are unchanged, with performance, as anticipated, weighted towards the second half."
Reporting by Frank Prenesti for Sharecast.com
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