Ibstock upbeat despite challenging Q1 as momentum picks up

(Sharecast News) - Clay bricks and concrete building products manufacturer Ibstock said it still expects to meet market forecasts despite a weak start to the year, with trading momentum picking up in recent months.

Group revenues were down 10% on a like-for-like basis over the first four months of 2026, with residential activity dampened by wet weather in January and February.

However, the company said it saw sequential improvement including a high single-digit year-on-year increase in brick volumes in April, and a continuation of positive trading in May, and still managed to maintain its brick market share in the first quarter, compared with last year.

The concrete business also made a slow start due to the spending cycle for certain infrastructure projects, but Ibstock expressed confidence in a predicted improvement in the coming months.

The company said it has seen increased cost inflation due to higher energy and fuel prices, which will likely extend into the second half, but has taken "steps to mitigate this where possible". For example, it is hedged for over 85% of energy requirements for the first three quarters of 2026, with 80% cover for the full year.

"Whilst we are mindful of the potential impact of the Middle East conflict, the board believes recent activity levels support the group's capability to deliver a full year outturn broadly in line with current market consensus expectations," said chief executive Joe Hudson.

"Further, with a well invested, lower-cost, more efficient and sustainable manufacturing network, Ibstock is well positioned to deliver growth in the medium term."

Ibstock shares were up 2.2% at 98.8p by 0843 BST.

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