Forterra announce full-year results
Revenue up for full year but political and economic uncertainty weighs on second-half demand
FORTERRA, one of the leading UK producers of manufactured masonry products, have reported a 3.4% increase in revenue, to £380 million, for the year ended 31 December 2019 (2018: £367.5 million), largely driven by growth in Bespoke Products and specifically Bison
Precast, where improvements in productivity benefited sales volumes and revenue.
However, Forterra’s pre-tax profit slipped to £58.2 million in 2019 from £64.8 million the previous year, while operating profit was down from £67.1 million in 2018 to £60.7 million last year.
Forterra’s chief executive officer, Stephen Harrison (pictured), said: ‘The first half of the year saw strong demand for our products, which slowed in the second half as the impact of political and economic uncertainty weighed on consumer confidence.
‘The general election result in December should provide greater political certainty in the future and we remain optimistic that demand will recover through the year, although this may take some time given an extremely wet winter.
‘Whilst the board remains watchful of any further political and economic uncertainty, investment in our new Desford brick manufacturing facility, which will be the largest brick factory in Europe, reflects confidence in our ability to capitalize on the attractive market fundamentals and to deliver sustainable shareholder value over the medium term.’
