Updates

Forterra

April 2023

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.

Brick manufacturer Forterra unveiled finals in line with revenues up 23% to £456m. EBIT increased 35% to £73m with eps up 50% to 26.0p. The dividend was raised by half to 14.7p as net debt (excluding leases) fell from £10m to £6m. With the UK supply of bricks in structural shortage and imports far more expensive due to onerous transport costs, this has allowed management to hike prices (up 50% cumulatively since the start of 2022) to cover rising costs with a further double digit one planned for 2023. Meanwhile, the new Desford factory, which adds 22% to existing capacity, is operational and was delivered within the £95m budget with first dispatches expected shortly. Desford’s EBITDA contribution is expected to ramp up to £25m by ...

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Hill & Smith

Forterra (January 2023)

Forterra (September 2022)

Forterra (April 2022)

Forterra (March 2022)

Forterra - Management upgrade expectations (October 2021)

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