Forterra’s FY24E EBITDA will be in line with guidance, with significantly better cashflow, benefiting from ‘a modest improvement’ in trading in the final months of the year, according to this morning's trading update. Although the UK’s second largest brick manufacturer has seen ‘signs of modest improvement’ in the market, we acknowledge there is short-term economic uncertainty, so, for now, have trimmed our FY25E estimates. By the half year, we believe this may prove to be overly conservative, not least because of encouraging recent data on brick deliveries and stock levels, and improved planning.