StockMarketWire.com - Brickmaker Ibstock reported a 'solid' start to the year, but also said it expected that performance would be second-half weighted, as it continued its 'enhanced' maintenance programme.

'Overall, our expectations for the full year are unchanged and the Board anticipates another year of progress for the Group. Performance is expected to be weighted towards the second half, in part reflecting the enhanced maintenance programme,' the company said.

The company also said that activity levels in both its clay brick and concrete businesses, however, were expected to benefit from ongoing demand for new housing over the medium term, the company added.

During the first four months of the year, the company saw 'strong' revenue growth in its clay brick business, reflecting both the 'price rise implemented at the start of the year and incremental volume growth, including production from our new 100 million soft mud brick factory,' Ibstock said.

Cost inflation, primarily increased energy costs, and the impact of the enhanced maintenance programme had partly dented the positive start to the year, the company said.

Its concrete business had continued to benefit from 'good demand' from the new build housing market, including solid growth in roof tile revenues, underpinned by increasing volumes from recently launched new products. 

But activity in the broader RMI and infrastructure markets had been more subdued, contributing to lower demand for some of its concrete products.




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