Ibstock PLC (LSE:IBST) shares fell 3% to 138.2p as the maker of bricks, tiles and other building products said revenues and profits for last year are likely to fall around 21% and 23% respectively.
A year-end update from the company indicated revenues came in at roughly £405 million and underlying profit (EBITDA) at circa £107 million, compared to £140 million the prior year.
Analysts said these were roughly in line with City expectations.
The FTSE 250-listed group said it has been cutting costs and managing capacity to keep profit margins "resilient" against the less helpful market conditions, with an operational review completed in the past quarter including redundancies and the closure of a brick factory in Surrey.
An annualised benefit of £20 million is expected, with around £5 million of this captured in 2023 and the balance to be achieved in 2024.
Chief executive Joe Hudson said: "Throughout the period we have focused on taking the right actions in light of near term market conditions, which has led to the difficult but necessary decision to reduce headcount across the business.
"At the same time, we have continued to progress the projects that will underpin growth as our markets recover.
"While the pace and timing of the recovery remain uncertain, Ibstock is in robust financial health, with the balance sheet strength and financial flexibility to ensure we remain well-positioned for a return to growth over the medium term."
Broker Peel Hunt said it has trimmed EBITDA estimates for 2024 by 5% and for profit before tax by 8%, "as a result of sticky cost pressures and an expectation of continued subdued volumes in the group's core markets".