Progressive publishes new research
Progressive publishes upgraded research note citing housebuilding upturn driving forecast upgrades.
vs expectations: significantly ahead of previous expectations
- Adjusted PBT H1 uplift 82%
- FY25E adjusted PBT estimate £33.3m
- FY25E adjusted PBT estimate increase 21%
- Interim dividend increase 90%
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Progressive Equity Research has been commissioned by Forterra to produce ongoing research coverage. A new research document has been published this morning, and is freely available to UK investors.
Research note summary:
Housebuilding upturn drives forecast upgrades
Forterra's sector-leading exposure to volume housebuilders drove strong revenue growth and an even stronger 82% uplift in adjusted PBT in the first half, to 30 June. This performance is expected to drive a FY25E result 'significantly ahead of previous expectations', and we have raised our estimate for adjusted PBT by 21% to £33.3m. Debt also fell more than the group's projections, which, together with an improved outlook, has supported a 90% increase in the interim dividend. Longer term, the UK's second-largest brickmaker's new investments leave it well placed to benefit from a full market recovery.
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