Financial Times on Nostr: BlackRock bets on British brickmaking ========== BlackRock has become the largest ...
BlackRock bets on British brickmaking
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BlackRock has become the largest shareholder in Ibstock, the UK’s biggest brickmaker, increasing its stake from less than 5% in March to almost 12%. This move is based on expectations of a property sector rebound due to the Labour government's plan to build 1.5 million homes over the next five years. The UK has historically failed to meet housing targets, with only 183,610 homes completed in the year to March, a 13% decline. Ibstock reported a 61% drop in pre-tax profit to £11.8 million for the six months ending June 30, 2024, and a 20% revenue decline to £178 million. Analysts predict a recovery in the housing sector, with Ibstock's revenues expected to grow by 12.8% in 2025 and 11% in 2026.
#Blackrock #Ibstock #UkHousing #Investment #Brickmaking #PropertySector #LabourGovernment #HousingTargets #MarketAnalysis #FinancialNews
https://www.ft.com/content/06ebd323-1789-4fe9-a4fd-8a2cc56400f1
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BlackRock has become the largest shareholder in Ibstock, the UK’s biggest brickmaker, increasing its stake from less than 5% in March to almost 12%. This move is based on expectations of a property sector rebound due to the Labour government's plan to build 1.5 million homes over the next five years. The UK has historically failed to meet housing targets, with only 183,610 homes completed in the year to March, a 13% decline. Ibstock reported a 61% drop in pre-tax profit to £11.8 million for the six months ending June 30, 2024, and a 20% revenue decline to £178 million. Analysts predict a recovery in the housing sector, with Ibstock's revenues expected to grow by 12.8% in 2025 and 11% in 2026.
#Blackrock #Ibstock #UkHousing #Investment #Brickmaking #PropertySector #LabourGovernment #HousingTargets #MarketAnalysis #FinancialNews
https://www.ft.com/content/06ebd323-1789-4fe9-a4fd-8a2cc56400f1