Share Name Share Symbol Market Type Share ISIN Share Description
Forterra LSE:FORT London Ordinary Share GB00BYYW3C20 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.50p -1.16% 298.75p 298.75p 299.75p 303.00p 297.75p 302.00p 292,011 13:33:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 294.5 37.1 13.8 21.6 598.82

Forterra Share Discussion Threads

Showing 1 to 20 of 25 messages
Chat Pages: 1
DateSubjectAuthorDiscuss
01/8/2017
10:10
Some relevant stuff from the results statement: EARNINGS PER SHARE AND DIVIDEND Earnings per share before exceptionals was 12.6 pence per share, an increase of 5.0% over the prior half year. This reflects the higher profit before tax and also the benefit of a lower effective tax rate of 20.1% compared with 20.9% in 2016. The Board has declared an interim dividend of 3.1 pence per share, to be paid on 12 October 2017 to shareholders on the register at 22 September 2017. The interim dividend for 2016 of 2.0 pence per share was based on post-IPO earnings. CASH FLOW, BORROWINGS AND FACILITIES Operating cash flow before exceptionals for the half year of £31.9m was £7.0m higher than the first half of 2016 due mainly to a better working capital performance. Inventories reduced by £1.8m since the start of the year and there was a good reduction in debtor days to 35 compared with 39 at December 2016. Capital expenditure of £3.0m was lower than the comparative period due to a deferral of some expenditure into the second half. Net debt at 30 June 2017 was £69.4m, a reduction of £22.9m from the start of the year due to the strong operating cash generation of the business. Net debt to EBITDA (calculated with reference to the last twelve months of earnings before exceptionals) reduced further to 1.0 times at 30 June 2017, comfortably below the maximum set by the banking covenant of 3.5 times. For this purpose, the net debt excludes capitalised finance costs in line with the calculation required by the banking covenant. The Group's existing debt facility, which was agreed as part of the IPO, was successfully amended in July 2017 and replaced by a new RCF-only facility of £150m with a group of major international banks. The term of the facility has been extended by a year to 2022. In addition, an accordion facility of £50m has also been agreed. The financial covenants are unchanged but there is a reduction in the interest cost under the new facility with interest set at LIBOR plus a margin of 125 to 225 basis points depending on the leverage. The new facility will provide a more efficient and flexible form of funding than the previous structure of a large term loan and much smaller RCF. The Group has no defined benefit pension scheme in place, with the legacy liabilities of the previous pension scheme left with the HeidelbergCement Group when the business was divested. BRICKS AND BLOCKS Revenue in the first half increased by £15.0m (13.8%), reflecting good demand from the new build residential market and the relatively weaker comparator. Brick volumes were up by double-digit percentage over the comparative period and soft mud volumes in particular were strong. The blocks business also performed well, with aggregate blocks volumes increasing strongly during the period, facilitated by additional shift and capacity utilisation at the Oxfordshire plant in particular. Whilst aircrete block sales volumes were lower than prior period, the business has performed more consistently in the first half of 2017, assisted by progress made in securing a number of alternative raw material supply sources. Production volumes of aircrete were higher than prior period and we have rebuilt inventory levels to maintain good customer service. EBITDA before exceptionals of £35.7m was up by £0.9m against the comparative for last half year. This was due to increased volumes and price rises which offset higher input costs for raw materials and energy. The result was adversely affected by sales mix and planned cost increases made since IPO as described above. Repair costs at our Measham facility were higher than last half year due to repairs at that plant being carried out in late 2015 to coincide with the shut-down for a major improvement project. The Group continues to invest in brand awareness and during the period, a focused 'London Brick' marketing campaign was launched, celebrating the heritage and 140 year anniversary. Whilst brick inventories reduced in the period, the Group continues to maintain adequate levels of inventory and uses its own distribution fleet to provide a good level of customer service. The project to replace the dryers at the Claughton facility in Lancashire has been completed to schedule, resulting in higher efficiency and a capacity increase of over 5 million bricks (c.11%). The total cost of the project is expected to be £3.3m, £0.2m below the initial estimate. The kiln has been re-lit over recent weeks and production will resume in the second half.
damanko
01/8/2017
10:02
A little over a year since the vulture capital bods released it onto the LSE, and so far, so good. The yield on my purchase price is more than decent. This remains a long term hold for me, given what is happening all around us, I can see further upside. Especially as Lone Star sold its remaining shareholding/interest a few months ago, making for a larger free float. Now over the half billion mark in terms of market cap, so promotion to the FTSE 250 may well happen if things carry on as they are. Forterra seems to be under the radar - private investor wise for some reason, which has puzzled me since flotation last year. That is in no way a ramp, simply a fact.
damanko
01/8/2017
08:35
Been buying myself recently. Decent results today growth in revenue whilst reduction in overheads looks fine to me and dividend increased by 50%, decent cashflow too. woody
woodcutter
12/5/2017
16:24
Thanks for that BBD. To quote directly the relevant stuff from the article: "Another new holding is Forterra, a UK brick manufacturer. The UK brick industry has been structurally challenged for many years, with surplus capacity. As a result, the domestic industry has consolidated and Forterra is one of the last remaining players with a solid market position and a low cost base. The weakness in sterling since last summer has meant that importing bricks from Europe is no longer as economic and the long-term prospects for Forterra now look very attractive. We believe the company is well-positioned to benefit from steady growth in the UK construction industry in the years ahead and took the opportunity to buy a meaningful stake in the business at what we consider to be a very appealing valuation." The link you posted is dated today, 12/05.
damanko
12/5/2017
13:02
Gets a mention here Https://woodfordfunds.com/words/insights/april-2017/?utm_source=insight-alert&utm_medium=email&utm_campaign=april-2017
bigbigdave
02/5/2017
15:35
Woodford just bought another 734k shares.
bruceylegs
28/4/2017
16:37
Damanko - belated thanks for the link.
bruceylegs
24/3/2017
09:43
Bruce, See attached link, explaining Forterra's international footprint. Hope this helps. hxxp://www.prnewswire.com/news-releases/hanson-building-products-announces-company-name-change-to-forterra-300161004.html
damanko
23/3/2017
14:57
Damanko do you know if FORT's manufacturing is all UK based? It appears so having skimmed their prospectus. If so, might be considered a strength with Brexit looming, ie., limited exposure to increasing costs associated with weak/uncertain GBP.
bruceylegs
22/3/2017
09:28
Hello K, As far as I'm aware the answer to your question is: Ibstock. See link below. If it were listed on the LSE I would have considered investing a similar amount to my long term buy in Forterra... It seems reasonable to assume that both companies should prosper over the next few years. hxxp://www.ibstock.com/ibstock-family/
damanko
20/3/2017
22:27
Hi Damanko, If these are the second leading brick maker, Who is the leader? Thx
kimball808
07/3/2017
09:19
Getting ready for the next leg up.
rafieh
20/2/2017
21:12
I think Bovis Homes results today didn't have a good effect on FORT.
rafieh
12/2/2017
15:31
Agree with much of what you say bollers. Though as stated - for me this is one for the longer term, for once (multi party) politics is onside when it comes to finding a solution, whatever the economic circumstances. As we know there is actually only one solution to a problem that has dogged the UK for many, many years.
damanko
11/2/2017
09:30
one for all and all for one - now the 3 house brickeers. I bought a few a month ago for the same reasons as cited above. After years of waffle there does seem to be political will to encourage house building at the moment. My main concern to stop me buying more is inflation/higher interest rates=higher lending costs=lower house prices=less houses built. Affordability for people buying their own homes is already low, and looks like getting worse. My guess is buy to let is holding things up currently, while prices keep rising and rent yields exceed interest rates, house prices are fairly immaterial if you have cash in the bank. I would think demand could quickly cool if things reversed.
bollers
11/2/2017
00:02
Welcome raf, I will hold this for some years to come, because: The UK is short of new build housing New houses need bricks Political pressure is mounting to build on a much larger scale Forterra is Britain's second largest brick maker Their speciality bricks are in demand I'm comfortably ahead in terms of buying price, and fully expect Forterra to prosper, though only if it is looked after/run properly. It appears from my initial research to be managed by hardened professionals, with many years experience in the business, rather than financial whizz kids. We'll see. Glad to have you aboard, though look out, FORT can be a tad volatile, it often moves against the market for no particular reason. Often up on a bad day, and vice versa. In my experience it is well below the radar of many private investors, though decent results and dividend uplifts in due course may well change things in that respect. And then there were 2 ...
damanko
08/2/2017
22:23
Hi damanko, Are you still holding this one? If yes, you are no longer alone here. If not, then I am going to be alone here! I only saw this share last night, and it was love at first sight! Straightforward business, which is only going to grow over the medium to long term. Bought first thing this morning, hoping to sell at 25% profit in less than 6 months time.
rafieh
16/5/2016
21:32
Third, and quite possibly given the lack of interest in a potential FTSE 250 IPO my last post on this thread, though I doubt it. I would like to think that the massive new build housing projects in various regions of the UK, all of which will involve Forterra on a large minority basis in terms of supplying bricks, blocks & several other construction items might entice serious investors as well as traders. We'll see...
damanko
11/5/2016
22:55
Forterra (LSE) Forterra Share News (FORT) Industrial Engineering - - - - 334.50 Forterra plc Admission to the London Stock Exchange 26/04/2016 7:00am UK Regulatory (RNS & others) Forterra (LSE:FORT) Historical Stock Chart 1 Month : From Apr 2016 to May 2016 Click Here for more Forterra Charts. TIDMFORT RNS Number : 2772W Forterra plc 26 April 2016 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, AUTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. 26 April 2016 Forterra plc Admission to the London Stock Exchange Further to its announcement on 21 April 2016 relating to the initial public offering of its ordinary shares (the "Offer"), Forterra plc is pleased to announce that its entire ordinary share capital of 200,000,000 ordinary shares ("Ordinary Shares") has today been admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange plc's main market for listed securities under the ticker "FORT" (ISIN: GB00BYYW3C20). Enquiries Joint Global Co-ordinator and Joint Bookrunner Credit Suisse: +44 (0) 20 7888 8888 Nick Williams Davide Sala Lewis Burnett Chris Ennals Joint Global Co-ordinator, Joint Bookrunner and Sponsor Deutsche Bank: +44 (0) 20 7545 8000 Simon Gorringe Lorcan O'Shea Romine Hakme Adam Miller Joint Bookrunner Citigroup: +44 (0) 20 7986 4000 Cyrus Shabi Alex Carter Pauline Timmers Chuba Ezenwa Media Enquiries FTI Consulting (public relations adviser to Forterra): +44 (0) 20 3727 1340 Richard Mountain Nick Hasell IMPORTANT NOTICE Neither this announcement, the publication in which it is contained nor any copy of it may be made or transmitted into the United States of America (including its territories or possessions, any state of the United States of America and the District of Columbia) (the "United States"). The securities referred to herein have not been and will not be registered under the applicable securities laws of the United States and, subject to certain exceptions, may not be offered or sold within the United States. There will be no public offering of such securities in the United States. This announcement is not for publication or distribution, in whole or in part, directly or indirectly, in or into Australia, Canada, Japan, South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, the securities referred to herein to any person in any jurisdiction, including the United States, Australia, Canada, Japan or South Africa or in any jurisdiction to whom or in which such offer or solicitation is unlawful. This announcement is only addressed to and directed at persons in member states of the European Economic Area ("EEA") who are qualified investors ("Qualified Investors") within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71 /EC and amendments thereto, including Directive 2010/73/EU, to the extent implemented in the Relevant Member State of the EEA) and any implementing measure in each relevant member state of the EEA (the "Prospectus Directive"). Any investment or investment activity to which this announcement relates is available only to and will only be engaged in with such persons. In connection with the Offer, Credit Suisse Securities (Europe) Limited ("Credit Suisse") and Deutsche Bank AG, London Branch ("Deutsche Bank") are acting as Joint Global Co-ordinators and Joint Bookrunners, Citigroup Global Markets Limited ("Citigroup") is acting as Joint Bookrunner. Deutsche Bank is acting as Sponsor. The Company, LSF9 Concrete UK Ltd (the "Selling Shareholder") and each of Deutsche Bank, Credit Suisse and Citigroup and their respective affiliates (together, the "Banks") and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. Credit Suisse and Citigroup are authorised by the Prudential Regulation Authority (the "PRA") and regulated by the FCA and the PRA in the United Kingdom. Deutsche Bank AG is regulated by Germany's Federal Financial Supervisory Authority, BaFin, and is also authorised by the PRA, but may only be subject to limited regulation by the FCA and the PRA and is acting through its London branch. Each Bank is acting exclusively for the Company and no one else in connection with the Offer. They will not regard any other person as their respective clients in relation to the Offer and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, nor for providing advice in relation to the Offer, the contents of this announcement or any transaction, arrangement or other matter referred to herein. In connection with the Offer, each of the Banks and any of their respective affiliates, acting as investors for their own accounts, may purchase Ordinary Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Ordinary Shares and other securities of the Company or related investments in connection with the Offer or otherwise. Accordingly, references in the Prospectus to the Ordinary Shares being offered, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by any of the Banks and any of their affiliates acting as investors for their own accounts. In addition, certain of the Banks or their affiliates may enter into financing arrangements and swaps in connection with which they or their affiliates may from time to time acquire, hold or dispose of Ordinary Shares. None of the Banks intends to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so. None of the Banks or any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of, the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. In connection with the Offer, Deutsche Bank as "Stabilising Manager", or any of its agents, may (but will be under no obligation to), to the extent permitted by applicable law, over-allot Ordinary Shares or effect other transactions with a view to supporting the market price of the Ordinary Shares at a higher level than that which might otherwise prevail in the open market. The Stabilising Manager is not required to enter into such transactions and such transactions may be effected on any securities market, over-the-counter market, stock exchange or otherwise and may be undertaken at any time during the period commencing on the date of the commencement of conditional dealings of the Ordinary Shares on the London Stock Exchange and ending no later than 30 calendar days thereafter. However, there will be no obligation on the Stabilising Manager or any of its agents to effect stabilising transactions and there is no assurance that stabilising transactions will be undertaken. Such stabilisation, if commenced, may be discontinued at any time without prior notice. In no event will measures be taken to stabilise the market price of the Ordinary Shares above the price at which each Ordinary Share is to be issued or sold under the Offer (the "Offer Price"). Except as required by law or regulation, neither the Stabilising Manager nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilisation transactions conducted in relation to the Offer. This information is provided by RNS The company news service from the London Stock Exchange END
damanko
11/5/2016
22:53
The UK's second largest brick maker, Forterra - floated on the LSE main market 26th April 2016. With a market cap (£350M+) sufficient to hoist the company towards the FTSE 250 in due course, performance & price uplift permitting. Interesting times for brick makers. Politicians (of all hue), journalists, construction analysts and especially Joe Public would all agree on one simple fact -: demand for new housing in our cramped little country far outstrips supply. The supply/demand ratio is unlikely to change anytime soon, however logic suggests that over time it needs to change quite dramatically, and with the ongoing impact of immigration, a great deal more housing will be needed. A third or more of UK new build housing developers use Forterra's unique style of bricks during construction. In investment / stock market terms there is unlikely to be any such thing as a 'no brainer'. However I bought in a few days after the IPO, and see this as a medium to long term jobbie. Looking at recent trades, many of the sells are so small (and so similar) they're likely to be employees & pensioners belonging to the company cashing in on free shares, or internally issued equity. There is currently no indication of income/dividend forecast, when the board publish this I'll edit this post to include it, along with starting yield at the IPO price. See below: http://uk.advfn.com/stock-market/london/forterra-FORT/share-news/Forterra-plc-Admission-to-the-London-Stock-Exchang/71245149
damanko
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