Ibstock backs FY guidance as it hails 'strong' Q3

(Sharecast News) - Brick manufacturer Ibstock backed its full-year guidance on Wednesday as it reported strong trading in the third quarter.
In an update for the quarter to 30 September, the company said it was underpinned by continued "robust" demand in core markets. Supply chain impacts were well managed, with both divisions delivering a resilient operational performance.

The group, which upgraded its 2021 adjusted EBITDA expectations at its interim results in August, said these remain unchanged.

Chief executive officer Joe Hudson said: "Trading in the third quarter remained strong, with robust demand continuing across both the housebuilding and repair, maintenance and improvement markets.

"While, as expected, supply chain conditions have become more challenging, we have managed the impacts well and continue to work closely with our customers on service levels. Despite the more difficult supply chain backdrop, we remain confident of delivering an outcome for the year in line with our previous guidance."

Ibstock also announced the launch of a new business unit, Ibstock Futures. "This will target an immediate opportunity to increase the group's presence in façade products and solutions for the fast-growing off-site and modular construction markets in both the new build and re-cladding markets, with products suitable for a wide range of residential, commercial and mixed-use applications," it said.

As part of the launch, Ibstock plans to build the UK's first automated brick slip systems factory in Nostell, West Yorkshire. The company said the UK market for brick slips - which provide a durable, safe and energy efficient alternative to other cladding solutions - is significant, with annual volumes of around 120m slips.