Firm says restructuring programme will save it 拢20m a year
Falling demand in the new build housing sector saw profit and revenue at brickmaker Ibstock nosedive last year.
The firm, which in January said had closed a second factory in less than six months, said pre-tax profit slumped 71% to 拢30m on income down 21% to 拢406m.
The firm has closed a factory at South Holmwood in Surrey, following the decision to shut its Ravenhead factory in Lancashire last summer.
It said the fall in profit included a 拢31m exceptional charge, 拢10m of which was a cash cost for restructuring.
Chief executive Joe Hudson said: 鈥淎ctivity in the early weeks of 2024 has continued to reflect the more subdued demand environment experienced throughout the latter part of 2023.鈥�
鈥淭he organisational changes implemented during the second half of the 2023 year have created a leaner, more customer-focused business, which will deliver an enduring benefit for years to come.鈥�
Net debt during the year was up 拢55m to 拢101m.
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