Forterra statutory pre-tax profits grow in FY24 despite 'challenging market conditons'
Building products manufacturer said on Wednesday that pre-tax profits had grown in FY24 despite ongoing "challenging market conditions".
Forterra said revenues had slipped 0.6% to £344.3m and adjusted EBITDA margins contracted 170 basis points to 15.1%.
However, statutory underlying earnings rose 24% to £54.7m and statutory pre-tax profits surged 45.0% to £24.8m. Statutory earnings per share rose 33.9% to 8.3p.
Forterra stated UK brick despatches were up 2% year-on-year, with Q4 despatches roughly 20% higher. However, total UK brick consumption was approximately 30% behind the level seen in 2022.
Chief executive Neil Ash said: "2024 saw the continuation of the challenging market conditions we have witnessed over the last two years, though the second half saw an improving position. Our focus has been on the areas we can control and delivered a resilient performance by successfully aligning our production to demand and returning the group to a position of strong cash generation.
"During 2025, we anticipate some recovery in our markets, whilst remaining mindful of the wider macroeconomic conditions. Following our significant strategic investment in increased manufacturing capacity, the group remains well placed as its key markets recover."
As of 0930 GMT, Forterra shares were up 4.28% at 165.80p.
Reporting by Iain Gilbert at Sharecast.com
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