Ibstock benefits from low pound
Published by Jonathan Rowland,
Ibstock, a UK and US maker or clay bricks and concrete products, has reported group revenue up 5% in 2016 on the back of higher revenue from the US, a result of more a favourable dollar-to-pound exchange rate following Brexit.
According to a company statement, revenue from the US was up 18% in 2016 due to the fall in the pound. At constant exchange rates, the rise would have been only 4%.
Revenue from the UK, which represents 80% of group revenue, was up 2% on 2015, reflecting low single digit volume growth for clay bricks and further volume and price growth in the concrete business.
“Brick sales volumes for the full year exceeded 2015,” the company said. “Growing house builder activity supported a stronger second half and national brick imports declined significantly over the year.”
Meanwhile in the US, the company reported higher average prices and the “benefits from a more favourable product and end-use sector mix”.
Read the article online at: https://www.worldcement.com/europe-cis/16012017/ibstock-benefits-from-low-pound/
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