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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-2.40 | -1.48% | 159.60 | 159.60 | 160.00 | 169.40 | 158.40 | 169.40 | 368,389 | 16:35:11 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Concrete Block And Brick | 455.5M | 58.8M | 0.2849 | 5.62 | 330.24M |
TIDMFORT
RNS Number : 6227Q
Forterra plc
22 October 2019
22 October 2019
Forterra plc
Trading update
Forterra plc, a leading UK producer of manufactured masonry products, provides this trading update covering the period from 1 July 2019 to date.
While volumes into the new build housing market have remained broadly in line with plan, trading in relation to distributors and non-residential applications has slowed. Key indicators such as UK national brick sales volumes, construction output, new housing starts, housing transactions and consumer confidence also point to further uncertainty in macroeconomic conditions.
The Group's sales volumes have been affected by this recent weakening of activity, with brick and block volumes down in line with the overall market. Precast concrete sales have slowed in recent weeks despite good growth earlier in the year. Whilst a sustained improvement in productivity has now been achieved, the Bison precast business is unlikely to deliver the level of margin growth anticipated in the second half as a result of delays in a number of large contracts.
As a result of the above factors, and recognising the current macroeconomic uncertainty, the Board now expects profit before tax to be modestly below last year's result (2018: GBP64.8m).
The Group continues to generate strong operating cashflows to support capital investment and the previously announced increased dividend payout. Construction of the new brick facility at Desford, at an investment of GBP95m, is progressing to plan with site clearance completed and work commenced on preparing the building foundation. As previously indicated, the new plant is expected to commence full production during 2022.
Despite the short term political and economic uncertainty, the Board remains confident in its strategy and believes that the business is well positioned to benefit from attractive market fundamentals over the medium term.
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
October 22, 2019 02:00 ET (06:00 GMT)
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