Bricks are a common source of swear words in my house, where three young children mean that my feet are frequently impaled on scattered Lego. But, as an investment, bricks are a canny prospect in a chronically undersupplied housing market.
FTSE 250 supplier Ibstock is Britain’s biggest brickmaker, producing clay bricks, brick components, and concrete roof tiles, fencing and other construction products. Anyone who has tried to build an extension or a commercial development will know these are all in high demand. Yet Ibstock’s shares have fallen more than 10 per cent this year, hammered by concerns about the impact of inflation, and recession.
However, last month, Ibstock said its performance had beaten its own expectations for the first three months of the year: the