Business
Six months ended 30 June 2024
Six months ended 30 June 2024.
About this update from Forterra Plc
[{"type":"text","content":"\n\n \n\n \n Solid performance despite challenging trading conditions, better than expected H1 net debt position\n \nSix months ended 30 June 2024\n\n\n\n\n \n\n\nAdjusted 1\n\n\n \n\n\nStatutory\n\n\n\n\n \n\n\n2024\n\n\n2023\n\n\n \nChange\n\n\n \n\n\n2024\n\n\n2023\n\n\n \nChange\n\n\n\n\n \n\n\n£m\n\n\n£m\n\n\n \n\n\n£m\n\n\n£m\n\n\n\n\nRevenue\n\n\n162.1\n\n\n183.2\n\n\n(11.5) %\n\n\n \n\n\n162.1\n\n\n183.2\n\n\n(11.5) %\n\n\n\n\nEBITDA2\n\n\n24.3\n\n\n31.1\n\n\n(21.9) %\n\n\n \n\n\n28.0\n\n\n30.0\n\n\n(6.7) %\n\n\n\n\nEBITDA margin2\n\n\n15.0%\n\n\n17.0%\n\n\n(200) bps\n\n\n \n\n\n17.3%\n\n\n16.4%\n\n\n90 bps\n\n\n\n\nOperating profit (EBIT)\n\n\n14.0\n\n\n21.7\n\n\n(35.5) %\n\n\n \n\n\n17.7\n\n\n20.6\n\n\n(14.1) %\n\n\n\n\nProfit before tax (PBT)\n\n\n9.1\n\n\n19.2\n\n\n(52.6) %\n\n\n \n\n\n12.8\n\n\n18.1\n\n\n(29.3) %\n\n\n\n\nEarnings per share (pence)\n\n\n3.2\n\n\n7.1\n\n\n(54.9) %\n\n\n \n\n\n4.3\n\n\n6.7\n\n\n(35.8) %\n\n\n\n\nOperating cash flow\n\n\n13.3\n\n\n(16.3)\n\n\nn/a\n\n\n \n\n\n4.9\n\n\n(18.3)\n\n\nn/a\n\n\n\n\nNet debt before leases2\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n(101.2)\n\n\n(50.1)\n\n\n102.0 %\n\n\n\n\nInterim dividend (pence)\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n1.0\n\n\n2.4\n\n\n(58.3) %\n\n\n\n\n1Adjusted results for the Group have been presented before exceptional items and adjusting items (2024: income of £3.7m, 2023: expense of £1.1m) relative to statutory profit as explained in Alternative Performance Measures (APM) within note 4. Presenting these measures allows a consistent comparison with prior periods.\n2EBITDA, adjusted EBITDA and net debt before leases are APMs, as explained in note 4. They are presented above under the statutory heading, being calculated with reference to statutory results without adjustment.\n \nH1 RESULTS\n• Group revenue for the period of £162.1m, represents a decrease of 11.5% relative to the prior period (2023: £183.2m)\n• H1 UK brick industry despatches estimated to have fallen approximately 9% relative to the prior period, with our own brick despatches in line with this\n• Despite the weaker than expected market conditions, effective cost management ha...