The company reported a pre-tax loss of £8 million for the latest financial year, compared with a profit of £8 million in the previous period, as annual turnover declined from £193 million to £164 million.
The weaker financial performance came despite the business implementing two price increases during the year. Production was reduced by approximately 20 million units, while the temporary closure of manufacturing facilities resulted in impairment charges totalling £24.7 million, further impacting profitability.
Joe Hudson, Chief Executive Officer said: “Ibstock delivered a solid first-half performance against a backdrop that remains challenging, with focused execution delivering results in line with our expectations. We continue to enhance our market leading position with continued progress across our strategic levers, and we will continue to adapt capacity, inventory levels and costs to market conditions.
“Although we expect private housebuilding and RMI activity levels to remain challenging in the near term, the Group expects to achieve a stronger adjusted EBITDA in H2 than H1.
“Looking ahead, with the investments we have made in our manufacturing network largely complete – driving a more reliable and efficient network, we are well-positioned to capitalise when market conditions improve. Continued progress across our five strategic levers – which includes the breadth of opportunities within our unrivalled land and clay reserves – reinforces our confidence in the Group’s ability to create significant long-term value.”
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