UK’s largest brickmaker hit by sales slump as housebuilding downturn deepens

Ibstock, the largest brickmaker in the UK, has issued a major profits warning after third-quarter sales fell 22% below expectations. Industry data indicates UK brick market volumes declined 17% year-on-year during July and August. Consequently, the Leicestershire-based company has slashed production levels by a fifth. Ibstock has criticised the government for delays in providing fresh assistance to the housing sector, as demand plummeted over the summer, further deepening the gloom within the housebuilding industry.