Revenue falls for brickmaking group
Brickmaking group Forterra expects to report revenue down 18 per cent to £183 million for the half year to the end of June.
The group, which includes the Cradley Special Brick factory on Corngreaves Trading Estate, Cradley Heath, will report its full half year results on July 27.
It said results were broadly in line with expectations and had been delivered against a backdrop of challenging trading conditions.
Forterra's adjusted pre-tax profit is expected to be about £18m.
It has seen progressive signs of market improvement through May and June, but the improvement has been less pronounced than previously anticipated
Selling prices have remained firm and Fortera's cost base has been stable.
In response to the challenging market conditions, and with brick production capacity increasing with the opening of the new Desford factory, Forterra has mothballed its Howley Park brick factory and implemented other production reductions which will reduce fixed costs by around £10m on an annualised basis
