After “a year of good progress,” revenue and profits have risen at Forterra, the producer of manufactured masonry products, according to results for the year ended 31 December 2018.
Revenue has grown 11% to £367.5m, while profit before tax is up 9.3% to £64.8m.
EBITDA has also risen 4.5% to £78.8m “due to a strong performance in Bricks and Blocks driven by an increase in volumes and prices, partly offset by higher operating costs.”
Stephen Harrison, Chief Executive Officer, said: “2018 was a year of good progress for the Group, with a strong performance from the Bricks and Blocks businesses and the integration of Bison gaining traction following a slow start. We also approved a £95m investment to build a new brick manufacturing facility that will increase our existing capacity by 16%.
“Trading in the current year has been in line with our expectations. The improvement in productivity seen at Bison Precast in the last quarter has been sustained into the first two months of 2019 and the business is performing well. As anticipated, price increases have now been agreed with most customers in order to cover the increase in our cost base. Based on our current order book and indications from major customers, the Board’s expectations for 2019 are unchanged.
“Whilst we are watchful of the impact of the current political and economic uncertainty on our end markets, the Board remains confident that the business is well positioned to take advantage of the attractive market fundamentals in order to continue delivering sustainable shareholder value.”