Forterra – interims emphasise “no change to FY expectations”, how credible is that?…

Most recently on “clay and concrete building products” company Forterra (FORT), last month I reiterated from the shares down towards 140p with already a reliance on an increased second half weighting, the half-year results aren’t going to be good in the context of the 5.8p adjusted earnings per share delivered last year and, with also net debt, a still not far off £300 million market cap avoid/sell. What about now its first half results headlined “A resilient performance in challenging market conditions; no change to FY expectations”?

Forterra (#FORT) – H1 adj. EPS -12% to 5.1p, DPS -11% to 1.7p, “challenging” markets

Forterra – CFO states “believe that Forterra is well-placed for future success”, so is to leave!…

The Chief Financial Officer, Ben Guyatt, of “clay and concrete building products” company Forterra (FORT) today states “believe that Forterra is well-placed for future success”… and so he “will be leaving the group to pursue new challenges”?

Forterra (#FORT) – CFO Ben Guyatt “leaving the group to pursue new challenges… will remain as CFO until 31 October”

Forterra – emphasises “some improvement following the particularly wet start to the year”, what about the outlook from here?…

Most recently on company describing itself as “a leading UK manufacturer of essential clay and concrete building products” Forterra (FORT), in March with the shares down towards 160p I concluded in a “subdued” market with obvious risks which would likely see it become even more ‘subdued’, second half weighting is not a comfortable ‘expectation’ and so maintain the stance which has served well to avoid. The shares most recently closed at 149.8p and what about now an “AGM Trading Update” and the shares currently further down towards 140p?

Forterra (#FORT) – “AGM Trading Update”, has “rescheduled some production from April until the second half of the year in order to manage our gas cost”

Forterra – 2025 results emphasise “strong” progress, but what about the outlook from here?…

Describing itself as a leading UK building products manufacturer with strong market positions in clay bricks, concrete blocks and precast concrete flooring, Forterra plc (FORT) has announced its results for the 2025 calendar year including highlighting “outperformance versus the wider market delivered 12.1% revenue growth… 18.5% increase in adjusted EBITDA to £61.6m… currently expect our 2026 adjusted EBITDA to be slightly ahead of 2025”. What about the valuation, with the shares currently slightly lower in response towards 160p?

Forterra (#FORT) – 2025 adj. EPS up to 12.6p, DPS to 6.2p, “subdued market conditions… exceptionally wet weather”

Forterra (#FORT) – “full year guidance maintained; H2 adjusted EBITDA expected to be modestly ahead of the H1”

Forterra (#FORT) – H1 adj. EPS up to 5.8p, DPS to 1.9p, noting “improved demand from the volume housebuilding sector”

Forterra (#FORT) – four months revenue +22% YoY, though noting “prior year comparatives become more challenging as the year progresses”

Forterra – 2024 results show falls, is there yet market improvement?

Bricks manufacturer (Oops sorry, “a leading UK manufacturer of essential clay and concrete building products”), Forterra (FORT) has announced 2024 results headlined “Strong cash generation; improved performance in H2” and including “trading in the first two months of 2025 has continued the positive trends seen in the final quarter of 2024, with our brick despatches 17% ahead of the prior year”. So what about a share price, though currently a few percent up in response, of 163p compared to approaching 200p as recently as last autumn?

Forterra (#FORT) – 2024 adj. EPS -33% to 7.6p, DPS -32% to 3p, first two months of 2025 “brick despatches 17% ahead of the prior year”

Forterra – trading update, market improvement ahoy… or not?

Bricks manufacturer (Oops sorry, “a leading UK manufacturer of essential clay and concrete building products”), Forterra (FORT) has issued a “trading update” headlined “Adjusted EBITDA in line with guidance, strong operating cash generation with net debt better than expectations”. So what of a current still around 160p share price compared to approaching 200p as recently as October?

Forterra (#FORT) – “modest improvement in trading conditions in the final months of 2024”, though notes macroeconomic uncertainty

Forterra – trading only “broadly in line” and price increases challenges ahead?

Bricks manufacturer (Oops sorry, “a leading UK manufacturer of essential clay and concrete building products”), Forterra (FORT) has issued a trading update including emphasising “a solid performance” and that it is “ideally positioned to benefit from an improving market outlook”. What of a share price currently up to around 190p, but still down from approaching 230p even last year?

Forterra (#FORT) – “year to date revenues were 5% below the 2023 comparative”, maintains FY adj. EBITDA expectation of “around £50m”

Forterra (#FORT) – H1 adj. EPS down to 3.2p, DPS to 1p, “little evidence of a sustained recovery in the near-term”

Forterra (#FORT) – 4 months revenue -6% YoY, now reckons “greater weighting towards H2 than previously guided”

Forterra (#FORT) – 2023 adj. EPS down to 11.4p, DPS to 4.4p, “demand is anticipated to remain subdued in the near term”