Revenues at buildings materials group Forterra up 12pc
Forterra, a UK building materials company, has issued a positive trading update for the four-month period to the end of October.
Year-to-date, revenues are up 12pc in year-on-year terms, suggesting that the pace of growth in the first half of the year (11pc year-on-year) has been maintained.
The company’s performance during the period was underpinned by "good activity levels in the new build residential sector", resulting in double-digit growth in brick and aggregate block volumes.
Additionally, the integration of the recently completed Bison acquisition, which cost the group £20m, is proceeding according to plan, while production at the recently commenced Claughton brick facility in Lancashire is also in line with expectations.
After these investments, net debt at the end of the period stood at £87m, down modestly from the beginning of the year but up as expected from the end of the first half (£69m).
Management expectations for the full year remain unchanged.
Last year the company, which employs over 1,800 people across 18 manufacturing sites in the UK, reported earnings before interest, taxation, depreciation, and amortisation of £70.6m, a 4.6pc increase year-on-year.