US asset manager BlackRock has increased its stake in brickmaker Ibstock to more than 10%.

In a filing last week, Ibstock said the firm’ stake in the 125-year-old brickmaker was now at just over 12%.

It comes after the new Labour government said it wants to build more homes through measures including mandatory targets, building on brownfield sites and overhauling the planning system.

Ibstock is due to release a trading update later this week

Ibstock is due to release a trading update this Thursday for the period to the end of September.

In August, the firm, which has closed two brick factories under a restructuring, said pre-tax profit dropped 60% to £12m in the six months to June on turnover down 20% to £178m.

In its last set of full-year results, the firm saw pre-tax profit slump 71% to £30m in 2023 on income down 21% to £406m.