DAVY VIEW

Forterra has revealed that trading has been better than expected since the group’s last update in September. Adjusted EBITDA for the year is now anticipated to be at least £34m. This is over 6% higher than the top of the previously guided range and also implies a 7% plus increase to consensus estimates. Hence, it is clear that after a very challenging first half Forterra has regained ground in H2. The stock has performed better recently – up almost 15% in the past month – but remains down over 30% year-to-date.