Davy Morning Equity Briefing
Mar 13, 2026
Stelrad Group plc
Delivers once again
Stelrad has announced impressive results for 2025 with growth delivered in underlying operating profits despite further market-led volume weakness. The results are consistent with prior guidance. In the context of unfavourable trading conditions, this once again represents a highly commendable performance. Stelrad is confident of making further progress this year even though market demand remains subdued. We expect existing headline forecasts will remain in place and that the stock continues to offer good value.
Berkeley Group
Reaffirmed FY 2026 guidance
Management reaffirmed its FY 2026 guidance while noting that the trading environment over the period (November 2025 – February 2026) remained constrained by consumer confidence.
Glenveagh Properties
€1.3bn order book gives comfort on a reiterated FY26 guidance
Headlines for 2025 were already known, but Glenveagh’s results demonstrate a business which is well placed for the long term, with a well-positioned and attractive landbank, and a structural delivery advantage through off-site manufacturing. The €1.3bn order book (+15% year-on-year (yoy)) should also give confidence in FY26 guidance, which has been reiterated.
