Demand keeps growing, brickwork firm says
Brick firm Ibstock said it expects to beat profit forecasts for 2022 after a strong start to the new year.
In a trading update this morning, the firm said “demand remains firm in all of our end markets” and added that its performance in the first three months of the year had beaten expectations.
It said it had “substantially covered” its energy requirements for the first half of the year and had secured 75% of what it needs for the second half.
But it again warned that it wouldn’t rule out further price rises in the future. “The group remains committed to taking the actions necessary to protect and maintain margins going forwards,” it added.
Last year, the firm posted a 23% rise in income to £409m, matching the figure the firm racked up in 2019 – the last full year of trading before the pandemic struck. It returned to the black with a pre-tax profit of £65m from a £24m loss in 2020 but this was below the £82m profit it posted in 2019.
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