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Published on: July 11, 2023

Resilient H1 but more gradual recovery in H2

Forterra has announced it expects to report ‘resilient’ H1 23E results broadly in line with its expectations despite challenging trading conditions. However, the recent industry-wide fall in brick deliveries and general market uncertainty mean that an anticipated recovery in the second half is likely to be more modest than previously expected. We are cutting our FY23E EBITDA estimate by 20% but believe new efficiency measures will leave the group well positioned to benefit when housebuilding recovers.

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