Trading in the four months to 30 April remained ‘challenging’ for Forterra, today’s AGM statement confirms, although there has been some improvement following the particularly wet start to the year. However, the UK’s second-largest brickmaker cautions that geopolitical uncertainty, cost pressures and phasing of production have made forecasting how the second half of the year will evolve more difficult, leading to a ‘greater range of potential full year outcomes than previously anticipated’. We maintain our FY26 estimates, but will re-evaluate at the HY results in July.