Industrials

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Forterra plc

No let-up in cost pressures, but net cash prompts launch of share buyback

Forterra’s trading update indicates that 2021 results will be in line with its expectations. The salient trend is that better revenues were offset by higher costs with margins squeezed....

Ibstock plc

Good end to 2021

Ibstock’s trading update indicates that adjusted EBITDA for 2021 will be modestly better than its previous expectations after a good end to the year. 2021 presented its challenges,...

Marshalls

Robust H2 trading sees FY result slightly ahead

Marshalls delivered a strong trading performance in H2 2021 and now expects the full year out-turn to be slightly ahead of its previous expectations (c.1-2% better). That result was...

Watkin Jones

FY21 ahead of forecasts; record pipeline also reported

FY21 results are c.4% ahead of our estimates this morning. Coupled with this, Watkin Jones has again increased its pipeline, reaching a record level of £1.85bn in the Build to Rent (BtR)...

Taylor Wimpey plc

FY results in-line; share buyback flagged

Taylor Wimpey expects to deliver FY21 operating profit of c.£820m, in-line with its previous guidance. That includes delivering 14,087 homes (including joint ventures) with selling prices up...

European Building Materials

Themes, trends and top picks for 2022 and beyond

2021 was a good year to own the construction sector as the E300 Construction & Building Materials index gained 35%. Our view for 2022 is to “stick with the winners”. We have greatest...

Holcim

Shift to products continues with PRB acquisition

Holcim’s pivot to solutions and products continues with its deal to acquire PRB Group in France. As an existing business partner and with obvious product and market overlap, PRB...

Glenveagh Properties

Strong order book heading into 2022

Full year results at Glenveagh are likely to be in line with our forecasts. Further progress has been made by the company with the flagging of two new pre-fund transactions adding...

Grafton Group

Great Britain disposal completed

With the completion of its Traditional Merchanting business in Great Britain, Grafton can now concentrate on deploying the disposal proceeds. With the consideration of £520m augmenting...

Holcim

Acquisition of Malarkey Roofing for US$1.35bn

Holcim’s acquisition of Malarkey Roofing Products further expands its Solutions and Products business, which aims to reach 30% of net sales by 2025. Malarkey is described as having...