Forterra, the Northampton-based brick maker, has seen revenues rise 12% as the manufacturer unveils its latest financial results.
The results exclude its £20 million acquisition of Derby’s Bison Manufacturing, Fonterra said.
For the period from 1 July to 31 October 2017, the group saw net debt fall from £92.3 million at the start of the year to £87.2 million at the end of the period.
Forterra cite a strong level of operating cash flow as the driving force.
“Trading in the period has continued to be underpinned by good activity levels in the new build residential sector, resulting in double digit growth of brick and aggregate block volumes for the ten months to October 2017 compared with the same period last year,” the company said in a statement to the London Stock Exchange.
“Following the completion of the investment project at the group’s Claughton brick facility in Lancashire resulting in an increased capacity of over five million bricks per annum (c11 per cent of the existing plant capacity), production commenced in the second half in line with plan.
“A kiln at the nearby Accrington facility has been relit and the plant is expected to build up to full production utilising both kilns during 2018.
“Based on the good trading performance in the year to date and the forward order book, the Board’s expectations for the full year remain unchanged.”