Jun 3 2026
Industrials
Recent Research
UK housebuilders, Concrete problems
May 27 2026
Mondi, Re-initiation: turning the page
May 25 2026
Hill & Smith, AGM statement
May 21 2026
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Howden Joinery
Expands proposition with £390m DIY Kitchens acquisition
Howdens had previously never undertaken an acquisition of note, but this is no longer the case with the £390m purchase of DIY Kitchens. While surprising, on first look it appears a...
Breedon Group
Solid foundations, awaiting the turn
Breedon continues to execute well, building a more diversified and resilient business that has held up well versus other construction related, UK focused names (EBIT CAGR >17% since...
UK housebuilders
Concrete problems
This was a difficult earnings season for the UK housebuilders, dominated by discussions of increased build cost inflation (BCI), lacklustre net private sales rates and, in some cases, the...
Watkin Jones
Market headwinds put pressure on 2026 expectations
External factors, including higher interest rates, market uncertainty and an increase in the pace of build cost inflation (BCI), have put pressure on the FY 2026 outlook for Watkin...
Mondi
Re-initiation: turning the page
After a period of investment for growth and significant shareholder returns, Mondi is now focused on delivery against existing assets and reduction of net debt (net debt to adjusted...
Genuit Group
Challenging trading conditions prompt a cut to full year expectations
Genuit has had a challenging start to the year due to the pressures of lower volumes and input cost inflation. Guidance suggests the consensus operating profit forecast for this year...
Hill & Smith
AGM statement
Hill & Smith has published a trading statement for the first four months of the year ahead of its AGM later today. Organic revenue growth in the US is slightly ahead of expectations,...
Ibstock plc
Still hopeful on full year expectations
It has been a very difficult time for Ibstock as earnings estimates have fallen very sharply over the past year. However, the group’s trading update is somewhat encouraging in the...
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...
