{"id":129690,"date":"2023-07-12T09:54:38","date_gmt":"2023-07-12T08:54:38","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=129690"},"modified":"2023-07-12T09:54:38","modified_gmt":"2023-07-12T08:54:38","slug":"forterra-staff-face-redundancies-british-brickmaker-struggles","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/forterra-staff-face-redundancies-british-brickmaker-struggles\/129690\/","title":{"rendered":"Forterra staff face job losses as British brickmaker struggles"},"content":{"rendered":"<h2>British brickmaker Forterra has announced that staff will be consulted on redundancies as it plans to cut \u00a313m in costs<\/h2>\n<p>Two months after the decision to mothball its Howley Park factory, Forterra&#8217;s struggles have continued, with redundancies anounced at the brickmakers.<\/p>\n<p>On the eve of it&#8217;s 60th year, Forterra faces <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/construction-activity-continues-to-grow-in-the-uk-according-to-april-pmis\/125936\/\" target=\"_blank\" rel=\"noopener\">falling demand from housebuilders<\/a> amongst a disappointing decrease in demand for bricks.<\/p>\n<p>Recent government figures showed a <a href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/1167386\/Construction_Building_Materials_-_Commentary_June_2023.pdf\" target=\"_blank\" rel=\"noopener\">31.7% decrease in brick deliveries<\/a> in April 2023, compared to April 2022.<\/p>\n<p>Forterra commented in its trading update for the half year to the end of June that \u201cdemand for our products for the rest of the year remains subject to significant uncertainty with <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/industry-reacts-bank-of-england-5-interest-rate-highest-15-years\/128699\/\" target=\"_blank\" rel=\"noopener\">rising interest rates<\/a> widely expected to adversely impact the demand for new homes for the foreseeable future\u201d.<\/p>\n<div class=\"standfirst\">\n<h3>The statement did not say how many staff would be affected by the redundancies<\/h3>\n<\/div>\n<div class=\"storytext\">\n<p>Forterra&#8217;s statement on the redundancies consultation said that it had been expecting a slow start to 2020 with a \u201cmeaningful recovery\u201d strengthening into the second half of the year.<\/p>\n<p>However, recent increases in interest rates and the &#8220;bleak economic outlook&#8221; meant it was \u201cnow assuming only a modest improvement in trading conditions, and therefore expect to deliver full year EBITDA with a more balanced H1\/H2 split\u201d.<\/p>\n<p>It added that greater levels of borrowing, plus <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/how-manufacturing-strategy-help-your-business-plan-future\/129309\/\" target=\"_blank\" rel=\"noopener\">inventory build-up and rising interest rates<\/a>, were also expected to \u201cdrive an increase in our financing costs\u201d.<\/p>\n<div class=\"entry-content\">\n<h3>The next few months for Forterra will be crucial<\/h3>\n<p>Forterra said the job losses would follow a restructuring of its commercial and support operations \u201c<span class=\"ag\">aligning them to anticipated demand, which we expect to save approximately \u00a33m annually.\u201d<\/span><\/p>\n<p>The firm will publish its half year result later this month and is expecting to report revenue down 18% to \u00a3183m, with a pre-tax profit of \u00a318m compared to \u00a337.3m last time.<\/p>\n<\/div>\n<\/div>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>British brickmaker Forterra has announced that staff will be consulted on redundancies as it plans to cut \u00a313m in costs.<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[29676,908,882,661],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-129690","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-bricks","8":"tag-economy","9":"tag-employment","10":"tag-hr"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Forterra staff face redundancies as British brickmaker struggles<\/title>\n<meta name=\"description\" content=\"British brickmaker Forterra has announced that staff will be consulted on redundancies as it plans to cut \u00a313m in costs\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/forterra-staff-face-redundancies-british-brickmaker-struggles\/129690\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forterra staff face job losses as British brickmaker struggles\" \/>\n<meta property=\"og:description\" content=\"British brickmaker Forterra has announced that staff will be consulted on redundancies as it plans to cut \u00a313m in costs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/forterra-staff-face-redundancies-british-brickmaker-struggles\/129690\/\" \/>\n<meta property=\"og:site_name\" content=\"Planning, Building &amp; 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