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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Forterra Plc | 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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.60 | 1.63% | 162.60 | 161.00 | 161.40 | 163.60 | 160.00 | 160.00 | 260,005 | 16:35:28 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Concrete Block And Brick | 455.5M | 58.8M | 0.2849 | 5.67 | 333.13M |
TIDMFORT
RNS Number : 9493F
Forterra plc
01 November 2018
This announcement contains inside information and is disclosed in accordance with the Company's obligations under the Market Abuse Regulation (EU) No 596/2014
1 November 2018
Forterra plc
Trading update
Forterra plc, a leading UK producer of manufactured masonry products, provides this trading update covering the period from 1 July to 31 October 2018.
Trading in the period has been in line with expectations, underpinned by good levels of activity in the new build residential sector, with brick sales on a year to date basis being marginally ahead of prior year. Sales of precast concrete products have improved as previously anticipated and whilst capacity utilisation has increased at the newly acquired Bison Swadlincote facility, further improvements in productivity are being pursued.
During the period, the Group has continued to absorb significant cost pressures, especially from rising prices of energy, fuel and carbon credits (required under the terms of the EU Emissions Trading Scheme), and the impact of the lower productivity at Bison.
The Group continues to generate a strong level of operating cashflow and net debt at 30 September 2018 was GBP56.1m compared with GBP60.8m at the start of the year reflecting also capital expenditure, dividend payment and the ongoing share purchase programme.
Following a recent overheating of the kiln at the Group's Desford brick manufacturing facility, resulting from a prolonged power outage, it has become necessary to shut the kiln for repair for approximately six weeks. After a detailed inspection, the Company considers a full rebuild of the damaged sections of the kiln, rather than temporary repair ahead of the next planned shutdown, to be in the medium term the most prudent and cost-effective option. The impact on current year operating profit of lost production and sales and the cost of repair is estimated to be between GBP2m to GBP3m.
As a result, the Board now anticipates that profits for 2018 will be marginally below its previous expectations.
Enquiries
Forterra plc: +44 (0) 1604 707 600 Stephen Harrison (CEO) Shatish Dasani (CFO) FTI Consulting: +44 (0) 20 3727 1340 Richard Mountain Nick Hasell
Further information relating to the Company and its group can be found at www.forterraplc.co.uk
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
November 01, 2018 03:00 ET (07:00 GMT)
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