IN BRIEF: Forterra lowers dividend after "challenging" first half
Forterra PLC - Northampton, England-based building product manufacturer - Endures "challenging trading conditions" in the first half of 2024, with revenue declining 12% to GBP162.1 million from GBP183.2 million a year prior. Its pretax profit declines 29% to GBP12.8 million from GBP18.1 million. Forterra cuts its interim dividend by 58% to 1.0p per share from 2.4p. "With softer comparatives, the expected 9% reduction in UK brick despatches seen in H1 is expected to improve in H2; although overall, full year 2024 demand is expected to be lower than 2023," it cautions. It now expects adjusted earnings before interest, tax, depreciation and amortisation of GBP50 million for the whole of 2024, a decline of 14% from 2023. Forterra's adjusted Ebitda in the first-half fell 22% on-year to GBP24.3 million. Read More