11th Jul 2023 09:46
Forterra PLC - Northampton, England-based building product manufacturer - Expects results for six months ended on June 30 to be broadly in line with expectations against a backdrop of challenging trading conditions. Expects half-year revenue of about GBP183 million, down 18% from GBP222.8 million the year before. Adjusted earnings before interest, tax, depreciation and amortisation are expected to be about GBP30 million, down from GBP46.1 million the year before. Adjusted pretax profit is expected to be about GBP18 million, down from GBP44.2 million the year before.
Forterra says demand for its products for the rest of the year remains subject to significant uncertainty with rising interest rates widely expected to adversely impact the demand for new homes for the foreseeable future.
In March, the firm posted revenue of GBP455.5 million for 2022, up 23% from GBP370.4 million a year earlier. Pretax profit was GBP72.9 million, up 28% from GBP56.8 million
Current stock price: 155.50 pence each, down 4.1% on Tuesday morning in London
12-month change: down 41%
By Xindi Wei, Alliance News reporter
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