Forterra plc Progressive publish new research

TIDMFORT

Forterra plc

24 January 2024

 
Profit guidance raised despite sharp sales fall 
 Forterra's FY23E trading update for the 12 months to 31 December guides to adjusted EBITDA 
 'slightly ahead' of its expectations despite brick volumes falling by over a third during 
 the year. We have raised our adjusted PBT and EPS estimates for FY23E and introduced forecasts 
 for FY24E taking our cue from the cautious tone in the outlook statement, which cites uncertainties 
 ahead of a general election. However, we suggest Forterra's large housebuilding customers 
 could outperform this view.

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