{"id":77092,"date":"2020-06-03T13:09:57","date_gmt":"2020-06-03T12:09:57","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=77092"},"modified":"2020-06-03T13:09:57","modified_gmt":"2020-06-03T12:09:57","slug":"ibstock-workforce-due-to-covid-19","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/ibstock-workforce-due-to-covid-19\/77092\/","title":{"rendered":"Ibstock to cut 15% of its workforce due to Covid-19 pressure"},"content":{"rendered":"

Ibstock plc<\/a>, manufacturer of clay bricks and concrete products, has today (3 June) issued a trading update, announcing that up to 375 jobs are at risk<\/h2>\n

This review is expected to lead to a material reduction in Ibstock’s fixed cost base, through site closures<\/a>, changes in operating patterns and changes to the size and structure of support functions.<\/p>\n

Ibstock has entered into consultations with employees across the group as part of the restructuring, with up to 375 positions, representing around 15% of the group’s total workforce, potentially impacted as a result of these actions.<\/p>\n

Ibstock says it has taken significant action to address the challenges presented by Covid-19. These measures have included utilising the government’s Coronavirus Job Retention Scheme<\/a> for a significant portion of colleagues during the shutdown period, reducing discretionary spend wherever possible and implementing a temporary salary reduction for the board and the executive leadership team.<\/p>\n

A sharp decline<\/h3>\n

Ibstock revealed that sales volumes during the first ten weeks of the year were below the comparative period.<\/p>\n

The company saw a sharp decline in sales volumes from late March as the government measures to control the Covid-19 pandemic began to take effect and our construction and housebuilding customers closed sites.<\/p>\n

Ibstock revenues for the three months to 31 March 2020 were down by approximately 10% compared to the comparative period, with a decline of around 75% in the two months to 31 May 2020.<\/p>\n

Clay division recovery<\/h3>\n

Ibstock stated: “During April, volumes in our Clay division fell by around 90% year on year, whilst exposure to infrastructure and RMI markets meant that volumes in our concrete division remained relatively more resilient during that period.<\/p>\n

“As the construction and housebuilding sectors<\/a> have begun to return to work over recent weeks, trading conditions have started to improve.<\/p>\n

“We have seen a modest recovery in clay brick sales although volumes currently remain around 70% below the comparative period. Concrete volumes are now at around 50% of those from the same period in 2019.”<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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