Forterra’s sector-leading exposure to volume housebuilders drove strong revenue growth and an even stronger 82% uplift in adjusted PBT in the first half, to 30 June. This performance is expected to drive a FY25E result ‘significantly ahead of previous expectations’, and we have raised our estimate for adjusted PBT by 21% to £33.3m. Debt also fell more than the group’s projections, which, together with an improved outlook, has supported a 90% increase in the interim dividend. Longer term, the UK’s second-largest brickmaker’s new investments leave it well placed to benefit from a full market recovery.