Ibstock (GB:IBST) has released an update.
Ibstock Plc, a prominent UK building products manufacturer, reported a downturn in their 2024 interim results with revenues and profits before taxation falling by 20% and 60% respectively, due to reduced sales volumes and challenging market conditions. Despite this, the company has completed major capital investments, preparing for market recovery, and is focusing on cost management while keeping an eye on future growth through investments in new capabilities. CEO Joe Hudson remains optimistic about the medium-term demand, backed by the government’s commitment to new housing, and expects the company to be well-positioned for a market upturn.
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