Brick-maker issues profit warning on back of ‘economic uncertainty’

Coalville brick-maker Forterra has issed a profit warning, blaming “further uncertainty in macroeconomic conditions”.

The firm said this morning (22 October) that its sales have weakened because of the uncertainty and that profit for the full year will be “modestly below” 2018’s £64.8m level.

Forterra said that construction of its new £95m brick facility at Desford is progressing to plan with site clearance completed and work commenced on preparing the building foundation. The new plant is expected to commence full production during 2022.

A statement from the firm said: “Despite the short term political and economic uncertainty, the Board remains confident in its strategy and believes that the business is well positioned to benefit from attractive market fundamentals over the medium term.”

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