Ibstock

IBST · Main Market · Construction and Materials · mcap £316m · 77.2p

Ibstock makes clay bricks, concrete products and brick slips (thin brick cladding) for UK housebuilders and builders. It is investing in lower-carbon and higher-tech products.

Target	Promise	Said	Status
2024
30 Jun 2024	Supply the UK's lowest carbon bricks to customers from the new factory in H1 2024.	17 Jan 2024	◐ Partly kept
	“this innovative new manufacturing facility will begin to supply the UK's lowest carbon bricks to customers during the first half of 2024.” Result Atlas was commissioning through 2024 and was not fully commissioned until later, so supply began slowly. 17 Oct 2024 · Third Quarter Trading Update
2024	Bring to market the UK's first certified carbon-neutral brick in 2024.	25 Oct 2023	… In progress
	“to bring to market the UK's first certified carbon-neutral brick in 2024” Status so far Not yet due.
2024	Achieve full £20m annualised cost savings by end of 2024.	17 Jan 2024	… In progress
	“Headcount reductions and fixed costs savings with an annualised value of £20 million achieved, with around £5 million of this captured in 2023 and the full amount to be achieved in 2024” Also stated 6 Mar 2024 Status so far Not yet due.
31 Dec 2024	First brick slips from Nostell to be delivered to market, first half 2024 and later second half.	6 Mar 2024	✗ Missed · target changed
	“The first slips to be produced on our automated cutting line at Nostell in West Yorkshire will be delivered during the first half of 2024” Also stated 7 Aug 2024 Result The timing moved from H1 to H2 2024. By October 2024 the site was ramping towards 50 million slips. “will bring to market the first brick slips from our Nostell factory during the second half of this year”7 Aug 2024 · Half-year Results “The first phase of our brick slips investment at Nostell is also now operational”17 Oct 2024 · Third Quarter Trading Update
31 Dec 2024	2024 full-year EBITDA in line with expectations; H2 2024 EBITDA broadly in line with H2 2023.	25 Apr 2024	✓ Kept
	“we expect adjusted EBITDA for the second half of the 2024 year to be broadly in line with the comparative period in 2023” Also stated 7 Aug 2024 Result 2024 EBITDA of £79m was in line with guidance. “we expect adjusted EBITDA for the second half of the 2024 year to be broadly in line with the comparative period in 2023”7 Aug 2024 · Half-year Results “Adjusted EBITDA for 2024 is expected to be approximately £79 million, subject to audit, in line with the guidance provided at the half year.”16 Jan 2025 · Trading Update for the year ended 31 December 2024
31 Dec 2024	Positive H2 2024 cash flow and leverage falling from 2.0x towards top of target range.	7 Aug 2024	✓ Kept
	“We expect second half cash flow to be positive, with reported leverage reducing from 2.0x at 30 June 2024 towards the top end of our target range” Result Net debt fell to about £122m and leverage to 1.8x by year-end. 16 Jan 2025 · Trading Update for the year ended 31 December 2024
2025
2025	Commission the new Atlas brick factory from end-2023 and ramp up production, with full commissioning later.	25 Oct 2023	◐ Partly kept
	“We continue to expect our new Atlas factory to commission from the end of 2023” Also stated 6 Mar 2024 · 17 Oct 2024 Status so far Commissioning began on schedule, but full commissioning slipped to 2025. In October 2025 Atlas was still moving out of commissioning, with uplift expected in 2026. “Our Atlas pathfinder factory continues to make good progress, with reliability and quality advancing and multiple new products progressing well through final commissioning. As we move into 2026, out of commissioning and into production, we expect to see a good uplift in profitability at Atlas.”10 Oct 2025 · Third Quarter Trading Update
31 Dec 2025	Commission the larger Nostell phase two factory by end of 2025.	7 Aug 2024	◐ Partly kept
	“Phase 2, the construction of a larger ceramic facades systems factory, which remains on schedule for commissioning by year-end.” Also stated 5 Mar 2025 · 23 Apr 2025 Result Still commissioning in October 2025 and January 2026; completion was listed for 2026. “Nostell investment progressing through commissioning, with good progress on the construction of the UK's most advanced ceramic façade facility”5 Mar 2026 · Results for the year ended 31 December 2025 “The second phase, a larger scale innovative ceramics facades line, is progressing well. This new line will bring unrivalled flexibility and choice to the facades market when fully commissioned in 2026.”5 Mar 2026 · Results for the year ended 31 December 2025
31 Dec 2025	2025 adjusted EBITDA of £77m-£82m.	11 Jun 2025	✗ Missed · target changed
	“Group continues to expect adjusted EBITDA for the full year in the range of £77 million to £82 million” Result Guidance was lowered in June, then H2 weakness in October put EBITDA at £71m, below the range. “In light of the lower levels of market activity and pricing anticipated during the second half, the Board now expects adjusted EBITDA in the second half of the 2025 year to be similar to the level achieved in the first half of the year.”10 Oct 2025 · Third Quarter Trading Update “Group adjusted EBITDA1 of £71 million (2024: £79 million) was down 10% and in line with the revised guidance given in October 2025.”5 Mar 2026 · Results for the year ended 31 December 2025
2026
30 Jun 2026	Select a calcined clay partner and agree a commercial deal.	6 Mar 2024	… In progress
	“We continue to make progress with our review of the calcined clay opportunity, with preferred partner selection and commercial agreement expected to be finalised in H1 2026” Also stated 20 Jan 2026 Result Not yet due.
Today · 9 Oct 2026
31 Dec 2026	Ibstock Futures to contribute positively to profit from 2026.	6 Aug 2025	… In progress
	“Ibstock Futures expected to make a positive contribution to profits from 2026” Status so far Not yet due.
31 Dec 2026	Full-year 2026 outturn broadly in line with market consensus.	21 May 2026	… In progress
	“the Board believes recent activity levels support the Group's capability to deliver a full year outturn broadly in line with current market consensus expectations” Status so far Not yet due.
31 Dec 2026	Stronger adjusted EBITDA in H2 2026 than H1.	5 Aug 2026	… In progress
	“The Group continues to expect to achieve a stronger adjusted EBITDA in H2 than H1, however with near-term conditions expected to remain challenging” Status so far Not yet due.
31 Dec 2026	Leverage towards 2x at end of 2026.	5 Aug 2026	… In progress
	“Net debt and leverage expected to reduce, with leverage towards 2 times at the end of 2026” Status so far Not yet due.
2029
2029	Land sales of up to £50m over three to five years.	5 Aug 2026	… In progress
	“we have identified land sale opportunities of up to £50 million over the next three to five years” Status so far Not yet due.
2030
2030	Achieve 40% carbon reduction by 2030.	5 Aug 2026	… In progress
	“we are now more than halfway to achieving our 2030 carbon reduction goal of 40%” Status so far Not yet due.