Firm says revenue in first 10 months of 2024 down 5% on last time
Brickwork firm Forterra has told customers price hikes are coming in the wake of the National Insurance tax rises announced by the government in its Budget last month.
In a trading update this morning, the firm said it expected “modest levels of cost inflation heading into 2025, with the recently announced increase in Employers’ National Insurance contributions adding to this”.
It said increased energy costs would also add to inflation and admitted: “In response to these expected increases in our cost base we have announced selling price increases for 2025 and we are currently in discussions with our customers.
“Our ability to deliver these increases will be influenced by both market conditions and the pricing strategies adopted by our competitors.”
The firm said that in the 10 months to the end of October revenue was down 5% on the same period last year.
But it said “pricing discipline and robust cost control” has mitigated against this and that its adjusted earnings for the year remained in line with board expectations at £50m.
The firm is due to announce its 2024 results on 12 March next year.
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