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Building products maker Ibstock upgraded its outlook on profitability after reporting strong performance in the final quarter of the year, driven by 'robust demand.'
For the year ended 31 December 2021, adjusted earnings before interest, taxes, depreciation, and amortisation, or EBITDA, was expected to be 'modestly ahead of our previous expectations,,' the company said.
Revenue was expected to increase 29% to £409 million.
Looking ahead, 'we are encouraged by the strength of the ongoing recovery in the construction industry and the resilience of demand from our house builder and merchant customers,' the company said.
'Whilst we remain mindful of ongoing macro uncertainties, including those related to supply chains and input cost inflation, the good momentum achieved through the final months of 2021, as well as additional brick capacity coming on stream during 2022, provides us with a strong platform for significant further financial and strategic progress in the current year.'