Firm says lack of lorry drivers also starting to have impact
Listed brickmaker Ibstock said booming demand from the housing and RMI sectors is expected to push the firm鈥檚 year-end earnings ahead of the 拢93m previously forecast.
The company said homeowners continuing to splash out on doing up their homes helped revenue back up to pre-pandemic levels in the first six months of the year with income hitting 拢202m, up from 拢131m last time, and on par with the 拢203m it posted in 2019.
Sales at its clay bricks division were at 92% of 2019 levels while revenue from its concrete products business was 22% ahead of figures from two years ago.
But it warned that blots on the landscape included access to lorry drivers to ship its products around the country while it admitted 鈥渃ovid constraints on factory labour鈥� 鈥� a reference to the so-called pingdemic 鈥� had 鈥渂ecome more evident鈥�.
Pre-tax profit in the six months to June climbed back into the black at 拢39m after exceptional items of 拢35m, including 拢8m of restructuring costs, sent it to a 拢52m loss last time.
It said earnings for 2021 were now expected to be 鈥渕odestly ahead鈥� of the 拢93m that had been expected earlier this year.
It added that it had received 拢19.4m from the government鈥檚 Coronavirus Job Retention Scheme initiative but had paid back 拢1.7m in the half year for money it had received for furloughed workers who had since been made redundant.
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