FORT Forterra Plc

TIDMFORT

RNS Number : 0634U

Forterra plc

13 January 2017

13 January 2017

Forterra plc

Trading update

Forterra plc, a leading UK producer of manufactured masonry products, issues this trading update for the year ended 31 December 2016.

In the last two months of the year, the Group continued to see good levels of activity from the major housebuilders and also from merchants as the excess brick inventory levels built up in the supply chain continued to reduce. Brick sales volumes were ahead of prior year for both months and also for the year as a whole. Based on this, full year operating profit is anticipated to be in line with management's expectations.

Strong cash generation and improved working capital flows in the last quarter resulted in net debt of approximately GBP93 million at 31 December 2016, giving a leverage (net debt to adjusted EBITDA) ratio of less than 1.5 times. This represents significant deleveraging in less than a year and compares with 2.2 times at IPO. We are continuing to invest in the business in line with our strategy, and the improvement projects previously announced at our brick facilities at Desford and Claughton have commenced.

Annual results for the financial year ended 31 December 2016 will be announced on 15 March 2017.

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 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

TSTBSGDBXSBBGRD

(END) Dow Jones Newswires

January 13, 2017 02:00 ET (07:00 GMT)

Forterra (LSE:FORT)
Historical Stock Chart
From Mar 2024 to Apr 2024

Forterra (LSE:FORT)
Historical Stock Chart
From Apr 2023 to Apr 2024