Materials giant Forterra has introduced another round of price rises this year as it slashed production amid falling demand.

In a trading update it said revenue for 2023 had fallen 24% to £345m from £455m last time “with the impact of falling sales volumes partially offset by pricing benefits.”

Forterra added:  Despite weak demand, pricing across our range of products remains resilient with modest 2024 price increases recently communicated.”

The firm mothballed two factories last year and made a round of redundancies

Forterra said: “Strong management actions during the year will deliver annualised fixed costs savings in excess of £20.”

It added: “These temporary reductions will not impact our ability to respond quickly when our markets recover.”