Business
2019 HALF YEAR RESULTS
2019 HALF YEAR RESULTS.
About this update from Forterra Plc
[{"type":"text","content":"\n \nRNS Number : 1128H Forterra plc 30 July 2019 \n\n30 July 2019\nFORTERRA PLC\n2019 HALF YEAR RESULTS\nForterra plc (\"Forterra\" or the \"Company\"), a leading UK producer of manufactured masonry products, announces half year results for the six months ended 30 June 2019.\n\n\n\n\n \n\n\nSix months ended\n30 June\n\n\n \n\n\n \n\n\n \n\n\nYear ended\n31 December\n\n\n\n\n \n\n\n2019\n\n\n \n\n\n2018\n\n\n \n\n\nChange %\n\n\n \n\n\n2018\n\n\n\n\n \n\n\n£m\n\n\n \n\n\n£m\n\n\n \n\n\n \n\n\n \n\n\n£m\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n193.6\n\n\n \n\n\n180.0\n\n\n \n\n\n7.6%\n\n\n \n\n\n367.5\n\n\n\n\nEBITDA\n\n\n42.5\n\n\n \n\n\n39.2\n\n\n \n\n\n8.4%\n\n\n \n\n\n78.8\n\n\n\n\nOperating profit\n\n\n33.9\n\n\n \n\n\n33.5\n\n\n \n\n\n1.2%\n\n\n \n\n\n67.1\n\n\n\n\nProfit before tax\n\n\n32.7\n\n\n \n\n\n32.3\n\n\n \n\n\n1.2%\n\n\n \n\n\n64.8\n\n\n\n\nEarnings per share (pence)\n\n\n13.6\n\n\n \n\n\n13.0\n\n\n \n\n\n4.6%\n\n\n \n\n\n26.5\n\n\n\n\nNet debt*\n\n\n34.5\n\n\n \n\n\n51.9\n\n\n \n\n\n \n\n\n \n\n\n38.8\n\n\n\n\nDividend - interim / total (pence)\n\n\n4.0\n\n\n \n\n\n3.3\n\n\n \n\n\n21.2%\n\n\n \n\n\n10.5\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n*Note: Net debt in H1 2019 excludes leasing liabilities under IFRS16 of £15.1m\nHIGHLIGHTS\n· Revenue increase of 7.6% due to higher brick and precast concrete volumes, and price increases applied to offset cost inflation\n· Profit before tax in line with Board expectations and ahead of prior year due to the benefits of higher revenue partly offset by increased operating costs\n· Continued strong cash generation resulted in a further reduction in net debt to £34.5m representing 0.4 times last twelve months EBITDA\n· Full planning consent secured for £95m brick expansion project at Desford and construction work commenced\n· Interim dividend declared of 4.0 pence per share, an increase of 21.2% over the 2018 interim \nStephen Harr...