Brick maker Ibstock builds momentum

The group operates in the UK and the US, with the former generating 79 per cent of group revenue. Sales were affected by EU referendum uncertainty, but business levels quickly recovered, so that brick volumes for the year finished slightly ahead of 2015.

Ibstock also makes concrete fencing products under the Supreme brand name, as well as manufacturing concrete substitutes for stone walls and concrete roof tiles under its Forticrete brand. Both divisions experienced increased demand; Supreme from the domestic landscaping repair and maintenance sector, and Forticrete from new-builds. The latter's product range was enhanced by a new roof tile line and, with capacity utilisation reaching very high levels, new production at Leighton Buzzard will increase capacity by 5 per cent.

In the US, adjusted cash profits grew by 40 per cent to $17m (£13.8m), helped by unusually mild winter weather during the first quarter of 2016. However, strong first-half volume growth petered out in the second half as the weather returned to more normal seasonal trends, while the US presidential election also dulled demand.

Analysts at Peel Hunt forecast adjusted pre-tax profits of £90.5m and EPS of 17.4p for the year to December 2017 (from 18.1p in 2016).