Aug 12 2026
Industrials
Recent Research
Mincon Group, Model update
Aug 12 2026
Genuit Group, Outlook unchanged
Aug 11 2026
Marshalls, Stabilising the platform
Aug 10 2026
Meet your Industrials Research team
Hill & Smith
Strong H1 2026 results
Hill & Smith (HILS) has reported strong interim results leading it to raise full year guidance. The US business had strong organic revenue growth and margin expansion, which was partially...
Kingspan Group
BMC deal accelerates data centre growth opportunity
The BMC acquisition ticks all the right boxes for Kingspan. It is a fast growing, complementary business; it will double the group’s potential addressable market share in the rapidly...
Mincon Group
Model update
Despite unchanged earnings at an operating profit level, we believe risks are tilted to the upside for Mincon in FY26. There is c.15% upside to our price target, and we reiterate our...
Bellway plc
Mixed FY26 results; new £50m buyback announced
Bellway reported a mixed set of results, with completions ahead of expectations but adjusted operating profit was at the bottom of the prior guided range due to lower margins. The...
Genuit Group
Outlook unchanged
Genuit lowered expectations for 2026 in May, and guidance suggesting limited change in adjusted operating profit this year has been reiterated. The group had a challenging first half,...
Marshalls
Stabilising the platform
The priority for Marshalls this year is to deliver on cost savings and stabilise earnings expectations. First half results point to encouraging progress. Marshalls is seeking to improve...
Kingspan Group
Beginning to motor with significant earnings upgrades likely
Kingspan enters the second half of the year with a real sense that the group is picking up momentum at pace. Fresh guidance is for trading profit this year some 7% above the current...
Stelrad Group plc
Impressive execution continues
Stelrad continues to deliver impressive and resilient results against an unhelpful market environment. Once again, the group’s performance is characterised by impressive operational...
Persimmon plc
Strong H1; FY 2026 to be in line with current expectations
Management anticipates FY 2026 volumes to be at the higher end of the prior guided range (12,500, +2% above current consensus) and margins to be slightly lower, leading to underlying...
Ibstock plc
Guiding a lower full year adjusted EBITDA result
Ibstock has reported a 28% year-on-year decline in H1 adjusted EBITDA and has also announced a £25m non-cash impairment charge related to its soft mud facilities. Updated guidance is...
