Ibstock FY revenues grow, cautious of demand levels in 2023

Building materials company Ibstock said on Wednesday that full-year revenues had grown but cautioned that inflation and ongoing market uncertainty would likely weigh on demand in 2023.

Ibstock stated that annual revenues had risen 25% to approximately £510.0m, while adjusted underlying earnings were predicted to be "modestly ahead" of internal expectations.

The FTSE 250-listed group said it had delivered a "resilient performance" in the final quarter of the year, driven by a continued focus on price and margin management and good operational execution, and highlighted that "disciplined cost management" underpinned its solid underlying earnings margin performance.

Ibstock added that whilst it continues to expect conditions in 2023 to be "more challenging than 2022", the group stated it was "increasingly well positioned" to capitalise on market opportunities and remains confident in its ability to deliver against its "ambitious" medium-term financial targets.

As of 0825 GMT, Ibstock shares were down 0.91% to 164.0p.

Reporting by Iain Gilbert at Sharecast.com