Ibstock has issued a thumping profits warning, with sales 22% below expectations in the third quarter
With John Healey’s Your First Home scheme on the way, is the mood improving in the housebuilding sector? A couple of the builders have results later this week, so can speak for themselves. In the meantime, though, here’s a thumping profits warning from Ibstock, the country’s biggest brickmaker, to spread a little more gloom. Demand hit a brick wall in the summer, as the company could have put it.
Industry data, said Ibstock, show UK brick market volumes down 17% year-on-year in July and August. For the whole of the third quarter, it said, sales were 22% below expectations, forcing a one-fifth cut in its production volumes versus plans set out as recently as August.