Manufacturing company Ibstock has revealed its group revenue rose by 9% last year.

The materials giant announced its revenue for the six months ended 31 December 2015 was up 7% compared to the second half of 2014.

The Group stated the increase is due to brick demand continuing to exceed supply.

Clay revenue increased by 13% compared to the same period in 2014, while concrete product revenues were 1.5% lower.

-- Advertisement --

Ibstock said: "The growth in revenue in 2015 primarily reflects a stronger pricing environment for clay bricks.

"Despite the release and reduction of brick stocks by some housebuilders and distributors, total UK industry brick demand continued to exceed estimated annual domestic production capacity during the year.

"Price negotiations for 2016 with all our major UK brick customers have now been concluded and are in line with management expectations."

Last year, Ibstock began building an additional clay brick factory in Leicestershire.

It is understood the facility will expand the companies UK clay brick capacity by 13%.

(LM)