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(Sharecast News) - Brick maker Ibstock revealed on Wednesday that revenue and profits had fallen in 2023 amid "difficult market conditions".
Ibstock said revenues were down 21% at £406.0m, as sales volumes reduced in line with UK domestic brick deliveries, while pre-tax profits crashed 71% to £30.0m, and earnings per share were 75% lower at 5.4p.
The FTSE 250-listed group said it had delivered a "resilient performance" against a "challenging market backdrop", with adjusted underlying earnings of £107.0m, down 23% year-on-year, in line with expectations set at the start of the year, underlining "the quality and resilience" of the business. Adjusted underlying earnings margins contracted 70 basis points to 26.5%.
Ibstock also pointed to its "robust year-end balance sheet position", with closing net debt of £101.0m, more than double what it was a year earlier, representing leverage of 1.1x, in the middle of its target range.
It added that activity in the early weeks of 2024 has been "in line with the subdued levels" seen in the latter part of 2023, but stated that while remaining cautious, it currently anticipates "a degree of improvement" as the year progresses.
Chief executive Joe Hudson said: "We have delivered a resilient performance for the year in what have been very difficult market conditions, and I am proud of the way that colleagues across the group have responded in such challenging circumstances. Our results reflect both continued strong execution and the difficult but decisive actions taken to reduce headcount and realign capacity with near-term market conditions. The organisational changes implemented during the second half of the 2023 year have created a leaner, more customer-focused business, which will deliver an enduring benefit for years to come."
As of 0840 GMT, Ibstock shares were up 0.75% at 160.90p.
Reporting by Iain Gilbert at Sharecast.com
