Jul 14 2025
Industrials
Recent Research
Cairn Homes, FY25 guidance reiterated
Jul 9 2025
Ibstock plc, Setback dampens investment case
Jun 30 2025
Meet your Industrials Research team
CRH
Expecting continued growth in Q2
We expect CRH’s Q2 results to reveal continued growth in sales, adjusted EBITDA and EPS. Indeed, we believe that CRH’s recent record on growth and improving returns suggest that its...
Grafton Group
Good revenue growth in H1 despite slower momentum towards the end of the half
Grafton has indicated that first-half trading was in line with its expectations. Revenue growth of 10% was boosted by the addition of Salvador Escoda but also included a 2.1%...
Vistry Group
FY guidance reiterated amid in-line H1
Vistry Group’s H1 will be in line with management’s expectations, and FY25 guidance has been reiterated. Net debt has been higher through H1 but has exited the period at a better level....
Home construction
£100m contribution included in offer to CMA
Today’s announcement, although still to be accepted by the UK Competition and Markets Authority (CMA), should help to draw a line under a lingering overhang in the housebuilding sector....
Grafton Group
Latest share buyback completed as attention moves to trading update
Grafton has announced the completion of its latest £30m share buyback programme. The share buyback, a feature of Grafton’s capital allocation policy since 2022, has been facilitated...
Cairn Homes
FY25 guidance reiterated
Despite H1 results being lower than 2024, Cairn Homes is still on track for robust growth in both revenue and profit for the full year. Debt facilities have been expanded, and guidance...
Ibstock plc
Setback dampens investment case
The prospect of Ibstock recording a pick-up in earnings this year has been dashed. While volumes continue to recover, the combination of higher-than-expected costs and weaker selling...
Holcim
Spin-off of Amrize completed
Holcim’s spin-off of Amrize has completed. While we expect modest short-term volatility in both shares, there has been strong shareholder support for the transaction and extensive...
Berkeley Group
FY25 results in line; FY26 reiterated
While sales remain at a very subdued level (c.40% below FY22’s outturn), Berkeley Group has been able to meet FY25 expectations and reiterate FY26 guidance. The business is back into...
XPS Group
FY 2025: strong profit and outlook
XPS delivered a strong FY25, with solid revenue growth, margin expansion and double-digit dividend growth. Strong cash generation and low leverage provide flexibility for reinvestment....
