Ibstock PLC (LSE:IBST), the UK brickmaker, forecast full-year adjusted EBITDA to be modestly ahead of previous expectations as it estimated revenues would rise 25% to £510mln.
In a trading update, the company said it delivered a resilient performance in final quarter of the year driven by a continued focus on price and margin management and good operational execution.
While quarter four sales volumes were lower than the previous year this was expected, Ibstock said.
Disciplined cost management underpinned a solid EBITDA margin performance while cash generation was ahead of forecast resulting in net debt at 31 December 2022 of around £46mln.
“As we look forward, higher interest rates, inflation and heightened market uncertainty are expected to impact the demand picture in 2023,” the group said in a statement.
But Joe Hudson, CEO, added: "Whilst in the short-term we expect market conditions to be more challenging, we remain well positioned to deliver strong growth over the medium-term."