Forterra plc Trading update (1437X)
22 November 2017 - 6:00PM
UK Regulatory
TIDMFORT
RNS Number : 1437X
Forterra plc
22 November 2017
22 November 2017
Forterra plc
Trading update
Forterra plc, a leading UK producer of manufactured masonry
products, provides this trading update covering the period from 1
July to 31 October 2017.
Trading in the period has continued to be underpinned by good
activity levels in the new build residential sector, resulting in
double digit growth of brick and aggregate block volumes for the
ten months to October 2017 compared with the same period last year.
Overall Group revenue for the ten month period was 12% ahead of
last year after excluding the Bison acquisition.
The Group completed the acquisition of the trade and certain
assets of Bison Manufacturing Ltd in September 2017. The
integration of the business, which includes the transfer of certain
product lines between the two existing Forterra precast concrete
facilities and the new Bison facility in order to improve
efficiency and maximise potential, is progressing to plan. The
Group's precast concrete business has been rebranded as Bison
Precast, recognising the strength of the Bison brand in the
marketplace.
Following the completion of the investment project at the
Group's Claughton brick facility in Lancashire resulting in an
increased capacity of over 5 million bricks per annum (c11% of the
existing plant capacity), production commenced in the second half
in line with plan. A kiln at the nearby Accrington facility has
been relit and the plant is expected to build up to full production
utilising both kilns during 2018.
The Group continues to generate a strong level of operating
cashflow and this, after the payment of GBP20m for the Bison
acquisition and dividends of GBP13.8m, resulted in net debt of
GBP87.2m at 31 October 2017 compared with GBP92.3m at the start of
the year.
Based on the good trading performance in the year to date and
the forward order book, the Board's expectations for the full year
remain unchanged.
Enquiries
+44 (0) 1604 707
Forterra plc: 600
Stephen Harrison (CEO)
Shatish Dasani (CFO)
FTI Consulting: +44 (0) 20 3727 1340
Richard Mountain
Nick Hasell
Further information relating to the Company and its group can be
found at www.forterraplc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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