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(Alliance News) - Ibstock PLC on Tuesday said it expects to perform above its previous expectations for the full year after strong demand and effective cost management delivered positive quarterly trading figures.
For the three months the ended September 30, Ibstock said trading was "ahead of our expectations" thanks to "robust demand patterns".
The Leicester-based manufacturer of clay bricks and concrete products said that sales volumes in its clay division were "marginally above" the same period last year, while volumes of concrete sales were "broadly similar".
Ibstock said that its investment at the Atlas and Aldridge factories was progressing well. The factories are on track to start commissioning from the end of 2023, providing the company with efficient, low-cost capacity and produce "the UK's first net-zero carbon brick".
Ibstock said that its energy price risk management strategies continued to be effective in "mitigating significant volatility in energy markets". The company said it was now covered for 2022 and is approaching 50% cover for projected needs in 2023.
The company has continued to make "good progress" developing the 'Ibstock Futures' business. It said that the leadership team is now in place allowing it to "accelerate the group's entry into fast growth construction product, solutions and technology markets."
As a result of its strong quarter, Ibstock now expects performance for the full year to be above its previous expectations.
Chief Executive Officer Joe Hudson said: "Our strong trading in the first half of the year continued through the third quarter, supported by robust demand across our end markets. We remain focused on serving our customers, through providing high quality, sustainable products and solutions to create much-needed homes and spaces across the UK."
Shares in Ibstock were trading 4.6% higher at 158.70 pence each in London on Tuesday morning.
By Chris Dorrell; chrisdorrell@alliancenews.com
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