Firm to release 2023 numbers in March

Brickmaker Forterra said revenue in the first half of the year was down by more than 10% in the wake of the worsening market conditions.

The firm said turnover fell 11.5% to 拢162m which it said had been caused by 鈥渃hallenging market conditions which were a little weaker than had been anticipated at the beginning of the year鈥�. Pre-tax profit in the six months to June slumped 29% to 拢12.8m.

And Forterra, which last year saw turnover drop 24% to 拢346m, said there was 鈥渓ittle evidence of a sustained recovery in the near-term [despite] modest signs of improving demand in recent months鈥�.

forterra bricks

Profit at the firm in the first half was down by nearly a third

It added: 鈥淲ith H1 despatches generally below our previous expectations, we have acted decisively to adjust our production plans and reduce output accordingly, prioritising working capital over short-term operating efficiency.

鈥淲ith expected reductions in interest rates now delayed into H2 and mortgage rates remaining high, the challenging trading conditions which have persisted in H1 are expected to continue in the near term.鈥�

It said it shelled out 拢2.8m in exceptional costs which was made up of 拢2.6m in professional fees for 鈥渁n aborted corporate transaction鈥� and a further 拢200,000 of restructuring costs, having cut jobs last year.

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