Jul 29 2026
Industrials
Recent Research
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Smurfit Westrock
Guidance for the year lowered due to input cost inflation
Smurfit Westrock delivered Q2 adjusted EBITDA of $1,140m, broadly in line with the Visible Alpha consensus forecast of $1,152m. However, the company lowered guidance for FY 2026 by 3%...
Weir Group plc
H1 results
Weir’s H1 results are in line with our expectations. Earnings will be very skewed to H2 due to the phasing of orders. The book-to-bill of 1.12x at end-June supports this outlook. Cash...
Breedon Group
Solid H1 performance; FY26 expectations unchanged
Breedon has delivered a solid H1 performance, with positive like-for-like (LFL) revenue growth in Q1 (+2%) extending into Q2 (H1: +3% LFL). The benefits of the group's geographic...
Forterra plc
H1 adjusted EBITDA better than expected as full year expectations are unchanged
Forterra’s H1 adjusted EBITDA fell 10% year-on-year to £27m, although the decline was not as severe as feared (£24-25m). Actions on costs have protected margins and, encouragingly,...
CRH
Q2 results due July 30th
We expect CRH to reiterate FY26 guidance, which implies robust growth over 2025 and includes a 13th consecutive year of margin expansion. H1 adjusted EBITDA growth is expected to be...
Howden Joinery
Turning up the heat in the kitchen
Revised forecasts suggest Howdens is poised to return to good earnings growth, especially in 2027 when it will benefit from a full year’s contribution from DIY Kitchens. We believe the...
Volution
Another excellent update prompts another earnings upgrade
Volution’s trading update confirms, as expected, another year of very impressive progress for the group. The group continues to advance, with healthy organic growth supplemented by...
Howden Joinery
Solid H1 with more to come
Howdens’ H1 results confirm its enduring ability to produce solid results despite a persistently unforgiving operating environment. Confirmation of its full year outlook is also welcome....
SigmaRoc plc
Another positive H1; FY26 expectations maintained
SigmaRoc (SRC) has once again demonstrated the resilience of its business model, delivering a solid set of H1 results underpinned by core volume growth, pricing discipline and margin...
Barratt Redrow plc
Mixed outlook for FY 2027
Barratt Redrow now expects the average number of sales outlets to be 415, lower than the 430 previously guided (-3.5%). The underlying pricing in the order book is down 1.4%, which will...
