Forterra

FORT · Main Market · Construction and Materials · mcap £298m · 145.2p

Forterra makes bricks, concrete blocks, precast concrete and related products, mainly for UK housebuilders and the repair and improvement market. It runs factories such as Desford and Wilnecote.

Target	Promise	Said	Status
2024
2024	Deliver annualised fixed cost savings in excess of £20m, with the balance realised in 2024	24 Jan 2024	… In progress
	“These actions will deliver annualised fixed costs savings in excess of £20m, with around £6m realised in 2023 and the balance being realised in 2024.” Also stated 26 Mar 2024 Status so far Not yet due.
31 Dec 2024	End 2024 with net debt similar to 2023, peaking mid-year	26 Mar 2024	✓ Kept
	“We expect to end 2024 with a similar net debt position to 2023 with a peak around the middle of the year due to the phasing of the expected result and timing of capital spend.” Result Net debt was £101m at mid-2024 and ended at about £85m, better than the £93m of 2023. “We continue to expect 2024 year end net debt before leases to be at a similar level to the 31 December 2023 position.”30 Jul 2024 · Six months ended 30 June 2024 “net debt before leases was lower than expected at c.£85m, equating to leverage of c.1.9 times on a banking covenant basis (June 2024: 2.3 times) and a c.£8m reduction on 2023 (£93.2m)”23 Jan 2025 · Full Year 2024 Trading Update
31 Dec 2024	Full year 2024 expectations unchanged	21 May 2024	✗ Missed · target changed
	“our full year expectations remain unchanged, with a greater weighting towards H2 than previously guided” Result In July, guidance was reset to adjusted EBITDA of around £50m, below earlier expectations; £52m was delivered. “we therefore now expect FY 2024 adjusted EBITDA to be around £50m”30 Jul 2024 · Six months ended 30 June 2024 “Adjusted EBITDA was £52.0m (2023: £58.1m) with profitability impacted not only by depressed demand, but also by the significant operating inefficiencies”12 Mar 2025 · Final Results
31 Dec 2024	FY2024 adjusted EBITDA around £50m	30 Jul 2024	✓ Kept
	“we therefore now expect FY 2024 adjusted EBITDA to be around £50m” Result Adjusted EBITDA came in at £52.0m, slightly ahead of revised expectations. “Adjusted EBITDA of £52.0m, slightly ahead of our revised expectations of around £50m”12 Mar 2025 · Final Results
2025
2025	Announce and deliver 2025 price increases to offset cost inflation	11 Nov 2024	✓ Kept
	“In response to these expected increases in our cost base we have announced selling price increases for 2025” Also stated 12 Mar 2025 Result 2025 EBITDA margin rose to 16.0% from 15.1% on revenue up 12%. “We are currently concluding our customer pricing discussions and expect to deliver necessary price increases to offset cost inflation.”12 Mar 2025 · Final Results “We are currently concluding our annual pricing negotiations with our customers and expect to recover the modest cost inflation we currently face.”11 Mar 2026 · Final Results
31 Dec 2025	Resume production at Wilnecote, with first bricks before end of 2025	11 Nov 2024	… In progress
	“The factory will resume production in 2025 following a two-year shutdown.” Also stated 11 Nov 2025 Result Not yet due.
31 Dec 2025	Operate both Desford kilns simultaneously from Q4 2025	20 May 2025	… In progress
	“expect to utilise both kilns simultaneously for the first time from Q4 2025” Also stated 29 Jul 2025 Result Not yet due.
31 Dec 2025	Launch initial range of 14 brick slips from Accrington in H2 2025	20 May 2025	… In progress
	“the initial range of 14 slips expected to be launched to market in H2” Also stated 29 Jul 2025 · 11 Nov 2025 Result Not yet due.
31 Dec 2025	H2 2025 adjusted EBITDA modestly ahead of H1's £29.9m	29 Jul 2025	✓ Kept
	“With H2 adjusted EBITDA expected to be modestly ahead of the H1 figure of £29.9m” Also stated 11 Nov 2025 Result FY25 EBITDA was £61.6m, implying H2 of £31.7m. “Consistent with our previous guidance, H2 adjusted EBITDA is expected to be modestly ahead of the H1 figure.”11 Nov 2025 · Trading Update “Adjusted EBITDA was £61.6m (2024: £52.0m) with profitability benefitting from both increased sales volumes and also the greater operating efficiency that this enables.”11 Mar 2026 · Final Results
2026
11 Mar 2026	Clarify capital allocation priorities with FY25 results	22 Jan 2026	✓ Kept
	“we will provide further clarity on our future capital allocation priorities with our full year results” Result The £20m buyback was announced on 11 March 2026. “Updated capital allocation priorities to maximise stakeholder value”11 Mar 2026 · Final Results “the Board intends to commence the return of surplus capital to shareholders with an initial £20m share buyback programme in 2026”11 Mar 2026 · Final Results
Today · 10 Oct 2026
31 Dec 2026	Complete £20m share buyback by 31 December 2026	11 Mar 2026	… In progress
	“it is anticipated it will end no later than 31 December 2026, subject to market conditions” Also stated 16 Mar 2026 Status so far Not yet due.
31 Dec 2026	2026 adjusted EBITDA slightly ahead of 2025, later in line with consensus	11 Mar 2026	✗ Missed · target changed
	“We anticipate demand in H2 will be similar to that seen in H1, supporting the Board's expectations that the Group will deliver a full year result in line with consensus” Also stated 28 Jul 2026 Result In July, guidance became 'in line with consensus' after H1 EBITDA fell to £27.0m from £29.9m. “We anticipate demand in H2 will be similar to that seen in H1, supporting the Board's expectations that the Group will deliver a full year result in line with consensus”28 Jul 2026 · Six months ended 30 June 2026