DAVY VIEW

Forterra has issued a very positive update and expects full year results will be “materially” above its previous expectations. The group has clearly enjoyed a very good start to the year, with revenues as anticipated boosted by double-digit brick selling price increases in January and April. The latter has helped Forterra negotiate well-understood cost challenges. In addition, long standing CEO Stephen Harrison has announced that he intends to step down but will stay with the group until H1 2023. Based on the latest update, he will be leaving the group on a high note.