Profits have halved at one of Britains biggest brick makers as rising interest rates hit demand for new homes. Forterra said it expects pre-tax profits of 18 million for the first half of this year down from 37.3 million.
As a result the business which recently opened Europes biggest brick factory in Desford, Leicestershire said it had started consultations with staff working in commercial and support roles, which it said should save 3 million a year. As previously reported, it has also mothballed its Howley Park brick factory, in West Yorkshire.
The business said challenging market conditions had been compounded by the higher cost of borrowing which had hit the number of new homes being built. It warned that further appropriate actio…
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