May 20 2026
Industrials
Recent Research
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Stelrad Group plc
Another solid update
Stelrad has issued a short trading update ahead of its AGM and has revealed that trading year-to-date is in line with management expectations. The group has also indicated that its...
Capital Goods
Shifting into ‘Neutral’
We complete our shift to ‘Neutral’ on the sector by lowering our recommendation on IMI to ‘Neutral’ from ‘Outperform’ following a period of strong performance. We highlight a potential...
Forterra plc
Update confirms challenging conditions
It could be argued that a year-to-date share price decline of almost 20% has anticipated a downbeat update from Forterra. Revenues in the first four months of the year fell 11%...
Grafton Group
Benefiting from its diversified portfolio
Grafton’s trading update highlights the benefits of its geographic operational spread. We have yet to update forecasts to capture recent M&A activity, and this will help offset ongoing...
Glenveagh Properties
Strong start to the year; new buyback announced; guidance reiterated
Glenveagh Properties’ trading update highlights: (1) a robust underlying market (Homebuilding order book +46% since March); (2) an ability to absorb higher levels of build cost inflation...
CRH
Aylwyn Bryan appointed CFO
The appointment of Aylwyn Bryan as Chief Financial Officer (CFO), succeeding Nancy Buese, further demonstrates strong internal leadership capabilities within the CRH Group. Bryan...
Buzzi Spa
FY26 guidance retained amidst uncertainties
Positive performances in the US and Brazil have more than compensated for a poor Q1 in Europe, which saw unfavourable weather conditions. FY26 expectations are unchanged, although...
Vistry Group
Profits to be significantly H2 weighted; focus on net cash
Vistry’s updated guidance implies adjusted profit before tax to be 16% lower than it was in FY 2025, with this being significantly H2 weighted. The company continues to focus on cash...
Marshalls
Solid start with full year expectations unchanged
Marshalls’ primary ambition for 2026 is to improve execution through a flatter operating structure with priorities refined, including a more agile approach and faster decision making....
IMI plc
Trading update
IMI’s trading update, ahead of its AGM later today, has reconfirmed full year EPS guidance of 136-142p. We will be leaving our forecasts unchanged. The company had a positive Q1, with 5%...
