Roofing Sales Boost Turnover for Manufacturer

THE PARENT COMPANY BEHIND roofing products brand, Forticrete, has increased revenue to new heights for the 2019 calendar year.

Ibstock, which also manufactures brick as well as concrete products, grew turnover to £409m, up from £391m.

Despite this, profit before tax dropped from £93m to £82m, which the company put down to sale of property in 2018.

According to the company, roofing experienced good growth, and, alongside walling products, was one of the better performing parts of its concrete business.

However, this was tempered by softer demand in the repair, maintenance and improvement and rail infrastructure markets.

Acquisition of Longley Concrete

During the year, the company also acquired precast concrete product maker, Longley.

Joe Hudson, Chief Executive Officer of Ibstock plc, said, “2019 was a year of progress for Ibstock, as we delivered a resilient trading performance against a backdrop of political and economic uncertainty. We made good progress against our strategic priorities, including measures to enhance production volumes and quality, the strengthening of our executive team and expanding our Concrete business, through the acquisition of Longley Concrete.

“Our strong cash generation allowed us to invest in the business and to pay a further supplementary dividend to our shareholders while remaining towards the lower end of our debt guidance range. Today we are announcing a further investment in a new state-of-the-art 80 million per annum clay brick factory to re-develop our Atlas site, in the West Midlands.

“Fundamentals in the UK remain robust, with a structural housing deficit, low interest rates, high employment and the benefit of the Government’s Help-to-Buy scheme all underpinning the market. However, the political uncertainty which caused more subdued market conditions in the second half of 2019 has meant a slower start to 2020. We anticipate that activity levels will improve as the year progresses, and as a result, expect to deliver a stable outcome for the year.”