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Forterra to recommend final dividend after upgrading guidance amid recovery
StockMarketWire.com
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Masonry products maker Forterra said it expected to recommend a final dividend for 2020 after it upgraded its guidance amid an ongoing recovery in performance.
The company said it now anticipated 2020 earnings before interest, taxes, depreciation and amortization, or EBITDA, before exceptional items, to be at least £34m, above the previously communicated range of £27m-to-£32m.
Provided there continued to be no significant disruption to operations from the second wave of COVID-19, the company said it expected to recommend a final dividend for 2020 ahead of the 2021 annual general meeting.
Trading in September and October exceeded the company's previous expectations, with brick and block revenues at 95% of the comparable prior year period.
The recovery within the bespoke products division had also been sustained, with sales of its precast concrete floor beams remaining robust, the company said.
Production at its facilities, except the mothballed hollowcore flooring facility at Swadlincote, was running at pre-pandemic levels.
At 9:34am: (LON:FORT) Forterra PLC share price was 0p at 221.5p
Story provided by StockMarketWire.com
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