Forterra revenue down 23.2pc last year
Brickmaking group Forterra, which has a factory in Cradley, saw revenue fall 23.2 per cent last year to £291.9 million as it was hit by the coronavirus crisis.
Its pre-tax profit was also down from £62.5m in 2019 to £17.4m
Chief executive Stephen Harrison said: "Clearly, our full year financial performance was impacted by Covid-19, notably in the first half, however our trading performance steadily improved as the year progressed. Operating cash flow benefited from disciplined working capital management and we were pleased to complete a successful equity placing and refinancing in July.
"The much-improved trading conditions seen through the second half of 2020 have continued into 2021. This trend, alongside the lengthening order books of our housebuilding customers, offer support for a continued recovery in our key markets in the first half of the year. While there is growing optimism about the end of the Covid-19 pandemic, there remains ongoing uncertainty over its continuing economic implications, which leads us to maintain a cautious outlook for the year as a whole.
"Longer term, our strong position will enable us to benefit from a sustained recovery of our key markets with a structural under supply of housing in the UK along with Government policy continuing to be supportive of home ownership, expected to continue supporting long-term demand.
Forterra is a UK leader in manufactured masonry products, with strong market positions in both clay bricks and concrete blocks.
