Published on: March 10, 2020
On track for FY 2020 despite ‘challenging’ start
Major brick and building products manufacturer Forterra remains on track to meet our FY 2020E forecast, having delivered FY 2019 results in line with our estimates, after a second half that was impacted by a slowdown in housebuilding activity ahead of the General Election. The group expects demand to “gradually improve” during the year, albeit after a slow start in H1. We broadly maintain our estimates for flat PBT this year and expect the recovery to build momentum into FY2021E.