Ibstock PLC on Wednesday reported both revenue and profit for 2022 were materially ahead of the prior year, as it lifted its dividend by 17%.

The Leicestershire, England-based manufacturer of clay and concrete building products said £105 million, up 61% from £65 million, as earnings per share rose to 21.6 pence from 7.8p in 2021.

Revenue was £513 million in 2022, up 26% from £409 million a year earlier.

The company said performance benefited from strong pricing management and reflected a robust demand backdrop for the majority of the year, although ‘market activity slowed in the final quarter, reflecting a more cautious demand environment’.

Operating profit increased to £107.4 million from £69.9 million in 2021.

Adjusted earnings before interest, tax, depreciation and amortisation amounted to £140 million, up 36% from £103 million.

Chief Executive Officer Joe Hudson said: ‘These strong results reflect our continued focus on commercial and operational execution, which has enabled the group to deliver significant growth and improved returns despite a challenging backdrop.

‘Revenue and profit were materially ahead of both the prior year and pre-pandemic levels, reflecting the strategic progress we have made over the last five years, with the development of a high quality, lower cost and highly efficient asset base allied to the strength of our market positions.’

Ibstock hiked its annual payout by 17% to 8.8 pence from 7.5p the year prior.

Looking ahead, Ibstock said activity in the early weeks of 2023 reflected the ‘more subdued’ demand environment‘ experienced towards the end of last year, although it anticipates this to improve as the year progresses.

It maintained its full-year expectations.

Shares were down 0.1% at 162.10 pence each on Wednesday morning in London.

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