Apr 23 2025
Industrials
Recent Research
Grafton Group, Extends offering in Ireland
Apr 2 2025
Travis Perkins plc, Still on the back foot
Apr 1 2025
Meet your Industrials Research team
Ibstock plc
Q1 in line and full year expectations unchanged
Ibstock is hoping that the journey towards meeting its medium-term earnings potential begins in 2025. Admittedly, crystallising this potential is taking much longer than expected, hindered...
Cairn Homes
Site visit demonstrates substantial volume support
The site visit to Seven Mills reinforced the view that a significant proportion of Cairn Homes’ volume baseline is underpinned by a single significant site of scale, where demand is largely...
Glenveagh Properties
Site visit highlights significant opportunity
Our recent site visit to Glenveagh’s largest Partnerships site demonstrated a business that is both well positioned in the current market and has significant growth opportunities in...
Barratt Redrow plc
FY25 volume guidance reiterated
Barratt Redrow has reiterated financial guidance for the year despite an increase in macroeconomic uncertainty. We do not expect material changes to FY25 forecasts following today’s...
Travis Perkins plc
The long and winding road
Travis Perkins is likely to continue to stimulate considerable debate for the foreseeable future. Take your pick: a vigorous recovery play or further disappointment. The bull case is...
Grafton Group
Extends offering in Ireland
The announcement of the acquisition of HSS Hire Ireland looks a judicious use of Grafton’s ample capital resources. HSS Hire Ireland appears a good fit in complementing and extending...
Travis Perkins plc
Still on the back foot
As was the case in 2023, Travis Perkins will be glad to close the book on a very challenging year. That the group needs a reset and a fundamental change of direction has been...
Vistry Group
Closing out a very challenging year
2024 was a year to forget for Vistry. The group issued three profit warnings in the final quarter and specifically highlighted significant cost issues in its South Division. Final results...
Holcim
Financial objectives set for soon-to-be spun-out Amrize
The announcement of Amrize’s financial objectives confirm that it will pursue growth in the coming years – by contrast, we expect that Holcim RemainCo will balance growth and...
Bellway plc
Remains on track for a year of good profit growth
Bellway has announced interim results consistent with its recent trading update. Full year guidance is also unchanged, and the group remains on track to deliver decent profit growth....
