City briefs: Forterra; Robinson
Northamptonshire brickmaker Forterra has posted an upbeat trading update for its 2024 full-year.
Despite EBITDA dropping by £8m to £50m, the firm said it saw a “modest” improvement in trading conditions in the final months of 2024, with brick sales remaining “resilient” in the run-up to Christmas – a normally quiet time.
Full year revenue was in line with 2023 at around £345m (2023: £346.4m), with a double digit increase in second hald revenue relative to both the prior year and the first half of 2024.
However, the firm says it is upping its prices to cover the incoming National Insurance increases.
A statement said: “We continue to anticipate modest levels of cost inflation heading into 2025, including Employers’ National Insurance contributions as outlined in the Autumn Budget. We have secured around 85% of our energy requirements for 2025 and have good levels of coverage for 2026 and 2027. To mitigate cost increases we have announced selling price increases for 2025 with customer discussions continuing.”
Robinson, the Chesterfield-based packaging firm, enjoyed a strong 2024 it said in a trading update this morning (January 23).
Revenue for 2024 is anticipated to come in at £56.5m, which is 14% ahead of the 2023. After adjusting for price changes and foreign exchange, sales volumes are also 14% higher than in 2023. Robinson says that 2024 operating profit is expected to be “significantly” ahead of 2023, and “moderately” ahead of current market expectations.
