Nov 12 2025
Industrials
Recent Research
Taylor Wimpey plc, FY25 guidance reiterated
Nov 12 2025
CRH, Upgrading forecasts following strong Q3
Nov 12 2025
Grafton Group, Latest share buyback completed
Nov 10 2025
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Marshalls
Subdued revenue environment heightens importance of self-help
It has been a difficult year for Marshalls. Hopes of an improvement in profits were dashed by a material profit warning towards the end of July. Reset profit expectations remain in...
Taylor Wimpey plc
FY25 guidance reiterated
Weaker conditions ahead of the November Budget in the UK have continued to hold back sales rates at Taylor Wimpey. Despite this, the business has reiterated FY25 guidance. We expect...
CRH
Upgrading forecasts following strong Q3
Our forecasts are moving higher this morning following a strong Q3. At an adjusted EBITDA level, the estimates are 1% and 5% higher for FY25 and FY26 respectively. With short- and...
Forterra plc
Decent update as full year expectations maintained
Forterra has issued a solid trading update as full year guidance has been maintained. Compared to Ibstock, Forterra is having a much better year and there remains a credible...
Kingspan Group
Reassuring update, positive outlook
Kingspan’s trading update is encouraging and reassuring. Full year trading profit guidance has been reiterated, and therefore the group remains firmly on track to record a 16th...
Grafton Group
Latest share buyback completed
The completion of Grafton’s last share buyback programme (its seventh) takes the total amount repurchased since 2022 to approximately £430m. Despite the scale of the share...
Howden Joinery
Update confirms 2025 pre-tax profit expectations
The main takeaway from the Howdens’ trading update is that the group has confirmed full year pre-tax profit should be in line with current market expectations. This represents a solid...
Vistry Group
Guidance for FY25 reiterated
The expected increase in activity coming from partner demand has arrived, with overall sales rates up 11% since the start of the half. The business has reiterated guidance for the full...
Heidelberg Materials
FY25 guidance confirmed with better Q3 trading
Q3 EBIT (RCO) is c.2% ahead of consensus expectations at the group, while EBITDA (RCOBD) was c.1% ahead. A positive outlook for the year has been confirmed, with the company narrowing...
CRH
Record quarter leads to adjusted EBITDA guidance upgrade
Q3 results are 2% ahead of our forecasts at an adjusted EBITDA level and nearly 6% ahead on EPS. The company continues to see favourable underlying demand and it has increased FY...
