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Interim Results

Forterra revenues up 11.4%

01 August 2017 08:01

Forterra's revenues rose by 11.4% to £162.7m in the six months to the end of June and pre-tax profits before exceptional items increased by 3.3% to £31.4m.

On a statutory basis, operating profits of £33.6m were up from £24.3m last time and pre-tax profits of £31.4m were up from £13.0m a year ago.

The group declared an interim dividend of 3.1p per share - up from 2.0p.

Chief executive Stephen Harrison said: "We are pleased with the first half performance.

"We achieved increased sales through strong brick and aggregate block volumes, underpinned by robust activity levels in the new build residential sector, albeit against a relatively weaker volume comparator due to supply chain destocking which unwound during 2016. We also achieved underlying price increases in the first half which mitigated increases in the operating cost base.

"Current levels of activity from our housebuilder customers and our order book growth continue to be positive, but we remain watchful over any negative impact from a weakening of consumer confidence on the housing and RMI markets. "The Board expects to continue to make progress in the second half, and our expectations for the full year are unchanged." At 8:01am: (LON:FORT) Forterra Plc share price was +3.88p at 293.88p

Story provided by StockMarketWire.com

Related Company: FORT

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