Firm has increased prices by double-digits three times this year
Forterra has again warned customers that more price rises are coming their way with another hike due to land at the beginning of next year.
In a trading update this morning, the brickmaker said the latest rise would kick in on 1 January after three rises this year – the latest of which saw prices jump 16.5% at the beginning of last month.
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% in January and 12% in April.
In this morning’s update, Forterra said: “We continue to act decisively to recover ongoing cost inflation and we have notified customers of further necessary price increases effective 1 January 2023.”
It said that revenue in the 10 months to the end of October was up 23% on last year.
A new £95m brick plant at Desford, Leicestershire, is being commissioned with the first bricks due to roll off the production line early next year, it added.
The firm said that chief executive Stephen Harrison, who announced he was leaving earlier this year, is being replaced by Neil Ash, a divisional director at Belgian building materials firm Etex, next April. Harrison, who has been in charge since 2012, will go in the first half of next year.