Forterra PLC (LSE:FORT) said on Thursday that full-year revenue for 2025 rose to around £386 million, up 12% from £344.3 million in 2024, supported mainly by increased sales volumes across the business.
The group reported that adjusted EBITDA was broadly in line with market forecasts, reflecting continued margin improvement. Adjusted profit before tax and adjusted earnings per share exceeded expectations, helped by lower interest costs and reduced depreciation charges.
Brick sales remained Forterra’s most resilient product category during the year, although quarterly growth rates eased as the year progressed.
The company also made notable progress in strengthening its balance sheet. Net debt before leases fell to approximately £56 million, down from £84.9 million a year earlier, bringing leverage to about 1x adjusted EBITDA and in line with management’s targeted range.
Further detail on capital allocation and strategic priorities is expected to be provided alongside the company’s full-year results, scheduled for 11 March 2026.
“Longer term market fundamentals remain attractive with a shortage of housing, a strong desire within Government to address this, and a constrained supply of essential building products,” said Neil Ash, Chief Executive Officer of Forterra.
Operationally, Forterra continued to outperform the broader brick market. Its brick despatches grew faster than the 6% increase in UK domestic brick despatches recorded over the 11 months to November 2025, according to figures from the Department for Business and Trade. Management attributed this outperformance to the company’s strong exposure to housebuilding, with brick market share continuing to recover towards historic levels.
Looking ahead, Forterra said it remains too early to gauge the full impact of the November 2025 Budget and the mid-December 2025 interest rate cut on customer demand. Nevertheless, the group remains confident that recent investments in additional production capacity leave it well positioned to benefit from longer-term structural growth drivers and an eventual market recovery.
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