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Ibstock swings to loss as virus impact weighs on sales

By BFN News | 09:11 AM | Thursday 06 August, 2020


Brickmaker Ibstock swung to a loss in the first half of the year as the Covid-19 pandemic halted activity and hurt sales. For the six months ended 30 June, the company reported pre-tax losses of £52m, compared with a profit of £41m. The company flagged £41m in costs related to COVID-19 and restructuring. Ibstock said it had seen continued recovery in demand patterns in July, with clay sales volumes at around 80% and concrete sales volumes at around 85% of prior year levels. Clay sales volumes recovered to around 60% of prior year levels in June, from 10% in April, with recovery in the merchant channel outpacing house builder volumes Looking ahead, however, Ibstock warned it 'remains difficult to predict outturn for the year given significant COVID-19 uncertainty.' At 9:11am: (LON:IBST) Ibstock PLC share price was -4.65p at 163.45p Story provided by StockMarketWire.com

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