Ibstock shares crack under revenue pressure

Shares in FTSE 250 bricks manufacturer Ibstock (LON:IBST) tumbled 11.07% to 159.10p (as of 12:20 GMT) after it provided a trading update for the quarter ended 30th September. Revenues for the period were 88% of the comparative period last year although there were some improvements in margins linked to cost control measures taken during Q2.

CEO Joe Hudson commented: “We are encouraged by the continued recovery in demand seen in the third quarter in both our Clay and Concrete businesses, although we remain mindful that there is significant uncertainty in the period ahead.

“We remain confident in the recovery of our markets over time and that the actions we have taken in the business leave us both with the necessary flexibility to meet current challenges and an organisation well positioned to take full advantage of future opportunities“.