In a trading update, Forterra revealed that its 2022 revenue was 23% ahead of 2021 over the first 10 months, thanks to three separate price increase – first in January, then in April and most recently on 1st October, when Forterra (formerly Hanson Brick) raised the majority of its brick prices by another 16.5%.
However, they are going up again in six weeks’ time. By how much was not disclosed.
“We continue to act decisively to recover ongoing cost inflation and we have notified customers of further necessary price increases effective 1st January 2023,” the board said.
As previously announced, Forterra chief executive Stephen Harrison is leaving next year. His replacement will be Neil Ash, who will join as chief executive designate on 3rd April 2023.
The new man has nearly three decades in the building materials business and joins from Etex, the Belgian lightweight building materials manufacturer, where he runs the Building Performance division which is a €2bn revenue business. His experience includes 15 years at Lafarge.
Forterra chairman Justin Atkinson said: “His business leadership and extensive building materials sector knowledge will be invaluable to Forterra in the next stages of our development and the board looks forward to working with him.”
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