Income will be up more thn 20%, brickmaker says
Forterra is expecting revenue from last year to be up more than one fifth when it publishes its annual results in March.
In a trading update this morning, the brickmaker said income would be around £450m last year – a rise of 21% on the number it posted in 2021.
The firm said another price hike on its products had kicked in earlier this month after three rises last year. Forterra declined to disclose the latest rise but the cost of its bricks in the past year has risen by a cumulative 44.5% following jumps of 16% last January, 12% in April and 16.5% in October.
>>See also: Product availability improves as slow start to year softens demand
A new £95m brick plant at Desford, Leicestershire, is being commissioned with the first bricks due to roll off the production line in the first quarter of this year.
Chief executive Stephen Harrison, who announced he was leaving last year and who has been in charge since 2012, will go after the full year results have been announced on 9 March. He is being replaced by Neil Ash, a divisional director at Belgian building materials firm Etex.
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