Published on: March 11, 2022
FY results ‘beat’ with ambitious growth plans
Brick and concrete products manufacturer Forterra has delivered FY2021 results slightly ahead of our and market expectations, with a 27% rise in revenue to £370m and an 86% increase in adjusted EBITDA to £70.4m (vs our £67.5m). The FY2021 dividend of 9.9p was also ahead of our forecast of 9.2p, supported by net cash of £41m. FY2022E has started well, with market conditions “remaining highly supportive” amid continuing demand for housing and construction. We introduce FY2022E forecasts that assume further growth, to be accelerated by the new Desford plant.