Updates

Forterra

April 2022

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

After suffering a bout of Ukraine jitters, the shares bounced following forecast beating final results. On turnover 27% ahead at £370.4m, EBIT increased 160% to £54m, 5% above Numis’ forecasts. Eps more than doubled to 17.3p (Numis: 16.8p). With a massive £170m borrowing facility undrawn and with £40m net cash, Forterra has announced a £40m share buy-back program, while Numis highlighted prospects for bolt-on M&A.The star was the Bricks & Blocks division, which manufactures clay bricks and concrete blocks and grew sales 34% to £298m with EBIT up 119% to £56m. Brick volumes rose 33% year-on-year and were 1% ahead of 2019. Crucially, with cost inflation on the rise the business put through a mid-teens price increase on 1 Jan ...

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T Clarke

Topps Tiles

Forterra (April 2023)

Forterra (January 2023)

Forterra (September 2022)

Forterra (March 2022)

Forterra - Management upgrade expectations (October 2021)

Forterra (July 2021)

Forterra - Brick manufacturer benefiting from buoyant house builder order books (April 2021)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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