Updates

Forterra

June 2026

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

After years of high capital expenditure, Forterra is finally harvesting cash and despite the broader cyclical pressures facing the UK housebuilding supply chain, the brickmaker reported a 12% rise in revenue to £386m and a 19% jump in FY25 EBITDA of £62m squarely in line with guidance. EPS were up by two thirds to 12.6p. More notably, the company managed to widen its operating margins to 16%, a feat of resilience during a year when its primary competitor, Ibstock, was forced to issue two separate profit warnings. In the short-term, Forterra’s attraction is its ability to generate surplus capital with management announcing a £20m share buyback, which, combined with a c. 4% dividend, represents a total shareholder return yield of ...

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Costain - Near one-third surge in forward work position; net cash climbs towards £200m

Volution

Forterra (March 2026)

Forterra (January 2026)

Forterra (July 2025)

Forterra - Brick manufacturer with huge upside potential from falling interest rates (June 2025)

Forterra (April 2023)

Forterra (January 2023)

Forterra (September 2022)

Forterra (April 2022)

Forterra (March 2022)

Forterra - Management upgrade expectations (October 2021)

Forterra (July 2021)

Forterra - Brick manufacturer benefiting from buoyant house builder order books (April 2021)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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