Nov 6 2025
Industrials
Recent Research
Vistry Group, Guidance for FY25 reiterated
Nov 6 2025
Buzzi Unicem, Solid Q3; guidance reiterated
Nov 5 2025
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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...
Buzzi Unicem
Solid Q3; guidance reiterated
Buzzi Unicem has released a solid Q3 trading update, with nine-month revenue of €3,406m, slightly ahead of consensus. While largely qualitative, the statement highlights positive momentum...
Barratt Redrow plc
FY guidance reiterated after solid autumn trading
Sales rates since the start of FY26 have been modestly higher (ex-bulk), and this was enough for the business to reiterate its FY guidance. Synergies from the Redrow integration are...
Bellway plc
Top pick in a sector that should outperform in 2026
Bellway has become laser-focused on asset turn and returns as the stuttering recovery in the UK new homes market continues. We now see the potential for the recovery to...
Saint-Gobain Group
Q3 update confirms full year expectations
Saint-Gobain’s Q3 update was along expected lines. Of note is management’s increasing confidence that the outlook for volumes in Europe is gradually improving. The update is unlikely to...
Smurfit Westrock
Q3 adjusted EBITDA in line with guidance
Smurfit Westrock has announced a 3% year-on-year increase in adjusted EBITDA for Q3 with the result as expected. A stand-out in the quarter was significant free cash flow...
SigmaRoc plc
Updating forecasts
We have updated our SigmaRoc (SRC) forecasts and price target following its recent trading update. While the stock has performed strongly year-to-date (+63%), we see further upside...
