Revenue Climbs over 11% for Forterra in 2017 First Half
A double-digit increase in brick and block revenue reportedly reflected good demand from the new build residential market.
Forterra plc recently announced results for the six months ended June 30, 2017. Revenue climbed 11.4% in the 2017 first half to £162.7 million (approximately $209.7 million), compared to £146 million ($188.2 million) in the same period last year. A double-digit increase in brick and block revenue reportedly reflected good demand from the new build residential market.
“We are pleased with the first half performance,” said Stephen Harrison, CEO. “We achieved increased sales through strong brick and aggregate block volumes, underpinned by robust activity levels in the new build residential sector, albeit against a relatively weaker volume comparator due to supply chain destocking which unwound during 2016. We also achieved underlying price increases in the first half which mitigated increases in the operating cost base.
“Current levels of activity from our housebuilder customers and our order book growth continue to be positive, but we remain watchful over any negative impact from a weakening of consumer confidence on the housing and RMI markets. The board expects to continue to make progress in the second half, and our expectations for the full year are unchanged.”
For more information, visit www.forterraplc.co.uk.