Published on: January 25, 2023
Strong FY22 performance, uncertainty ahead
Leading UK brick and concrete products group Forterra confirms in today’s trading update that FY22 adjusted PBT slightly exceeded management expectations despite the housing slowdown after September’s mini-budget. We are slightly ahead of consensus at £69.1m and maintain our estimate, but net debt was significantly better than our forecast. Given the uncertainties in housing, we have not yet issued forecasts for FY23E but believe more clarity may emerge at the final results in March, when we suspect the market may be healthier than many fear.
