Rising demand for materials boosts Brickability
Builders merchant Brickability said it is seeing a V-shaped recovery with the firm benefitting from rising demand for materials from housebuilding firms.
The firm, which listed on AIM last September, said it returned to profit in May and each month since in the first half to September after the first lockdown decimated its April numbers. Revenue struggled to just £3m in the month, compared to nearly £15m for April 2019.
Chairman John Richards said: “The recovery that we have seen is V-shaped and continues to improve.”
In the six months to 30 September, Brickability said revenue fell 23% to £75m with pre-tax profit down 17% to £5.4m.
Brickability, which counts housebuilders Redrow and Berkeley Group among its customers, has 25 sites and sales offices, employing around 285 people throughout the UK.
The firm, which supplies over 300 million bricks annually along with roofing, heating, flooring, doors and windows, said it expected the recovery to continue as a slew of major housebuilders, including Taylor Wimpey, Vistry and Persimmon, have all issued positive trading updates in recent days.