by Michael Susin
Forterra PLC said Thursday that its performance for the full year is expected to be in line with management’s expectations as it benefits from strong market demands.
The UK masonry-products maker said it would provide more than expected revenue for the year, offsetting increased costs.
The company said brick sales for the four months ended October 31 grew by 6% compared to the same period in 2019, adding that sales volumes for the year are in line with 2019 levels.
The company said it achieved a significant brick-price hike from January 1 to correct cost inflation, while higher selling prices are expected to benefit margins next year.
The company said it sees positive market demand in 2022 despite the capacity constraints until the Desford brick factory becomes operational.
“Looking forward into 2022, we are optimistic about continued growing demand for our products, based on favorable market fundamentals,” said Chief Executive Officer Stephen Harrison.
Shares were up 0.50 pence, or 0.2%, at 254 pence at 0855 GMT.
Write to Michael Susin at [email protected]