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15 Jan 2019 | 10:16

Forterra expects profits to meet expectations following 'good' end to 2018

Forterra said full year profit before tax was anticipated to be in line with its expectations as trading in the final quarter of 2018 was 'good,' underpinned by the 'sustained' strength of the new build residential market. Brick volumes for the year were 'modestly ahead' of 2017, the company said as it was able to meet demand through a double digit increase in output reflecting full year production at the Accrington and Claughton facilities, and the investment made in debottlenecking projects. 'This increase in output meant that brick inventory levels reduced at a lower rate than in 2017, and there was a better balance between sales and production,' the company also said.

Sales of precast concrete products had continued to improve as anticipated, and the integration of the Bison Swadlincote facility had progressed well with a continued increase in productivity during the last quarter

The UK brick market continued to perform well, with high levels of capacity utilisation across the industry due to the sustained increase in new housing output over the last few years, it added.

At 10:16am: (LON:FORT) Forterra Plc share price was +8.75p at 250.75p

Story provided by StockMarketWire.com
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