Forterra has delivered results for the first half to 30 June in line with its expectations, with a better cash performance, despite weaker-than-anticipated market conditions. Effective cost management has limited the Y/Y decline in EBITDA to 22%. While the group has seen some ‘modest’ signs of improving demand, it is taking a conservative approach to guidance, and so we cut our FY24E EBITDA estimate by 8.6%. However, we highlight our view of the improving demand backdrop, likely to be boosted by the new Labour government’s pledge to build 1.5 million homes.