Forterra Plc has declared an interim dividend of 4.6 pence per share (2021: 3.2 pence per share) and will be paid on 14 October 2022 to shareholders on the register at 23 September 2022. This interim dividend has not been recognised as a liability at 30 June 2022. It will be recognised in shareholders equity in the Consolidated Financial Statements for the year ended 31 December 2022.
Other Financial Highlights:
- Strong trading continued throughout the period with results ahead of both the prior year and 2019
- Both housebuilding and RMI demand remains strong with London Brick volumes performing well (sold almost exclusively into the home extension sector)
- With sales constrained by capacity and record low inventories, brick sales volumes were 3% ahead of prior year and in line with 2019
- Brick selling prices increased by c.30% relative to December 2021 prices with similar increases in other products driving meaningful margin improvement vs 2021 full year
- Improved Bespoke Products result driven by strategic focus on driving profitability in the rationalised flooring business
- Continued strong operating cash flow of £37.5m delivering a net cash balance before leases of £24.1m
- New Desford brick factory progressing to timetable and on budget with commissioning expected in late 2022
- Total capital expenditure of £21.3m in H1 of which £15.8m related to Desford
- Wilnecote factory closing for redevelopment at end of September, with commissioning planned for July 2023 and full reopening in October 2023
- Equipment supplier selected for the Accrington brick slips project with completion scheduled for Q4 2023
- Progress on sustainability goals includes announcement of £4.1m investment in on-site solar
- £40m share buy-back expected to be completed by the end of the year with £20.6m of shares repurchased as at the half year
