Forterra has issued an upbeat AGM statement, pointing to a 22% Y/Y increase in revenue for the first four months of FY25 (our estimate for the full year, +8%), with ‘strong’ performances in both divisions driven by an uplift in housebuilding. Britain’s second largest brick manufacturer is ‘encouraged by the positive start to the year’, but ‘at this stage in the year’ its expectations remain unchanged. We view this as conservative, with the risk on the upside if current momentum is maintained.