Sep 3 2026
Industrials
Recent Research
Hill & Smith, Strong H1 2026 results
Aug 12 2026
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Kingspan Group
Raises €850m from Green Public Bond
Kingspan has successfully completed a debut green bond sale. It has raised €850m from a two-part, 4-year and 7-year note at a fixed average coupon of 4.1% per annum. The bond was...
Grafton Group
Progress in H1 and full year guidance unchanged
Grafton has announced a solid set of interim results, and with guidance unchanged the group remains on track to increase profits this year. This will be helped by the two important...
Cairn Homes
FY26 guidance increased and €50m buyback announced
A strong period of operational and financial performance has been confirmed by Cairn Homes this morning. Growth of 75% in operating profit, along with a strong performance in the...
Kingspan Group
Seeing is believing; upgrading 2027 earnings forecast by over 25%
Kingspan has stepped confidently into a new and exciting growth phase. Interim results were enthusiastically received: full year guidance was raised with mid-teen profit growth flagged...
Kingspan Group
Expands Latin America presence with entry into Argentina
Deals like BMC naturally attract considerable attention but this has not detracted Kingspan from a core objective and strategy of expanding its global leadership in insulated panels....
UK housebuilders
Results recap and forecast updates; FY 2027 to be another year of margin misery?
The UK housebuilders disappointed gross margin market expectations in the latest set of results (some by lowering guidance, others by missing forecasts). While build cost inflation is...
Hill & Smith
Strong H1 2026 results
Hill & Smith (HILS) has reported strong interim results leading it to raise full year guidance. The US business had strong organic revenue growth and margin expansion, which was partially...
Kingspan Group
BMC deal accelerates data centre growth opportunity
The BMC acquisition ticks all the right boxes for Kingspan. It is a fast growing, complementary business; it will double the group’s potential addressable market share in the rapidly...
Mincon Group
Model update
Despite unchanged earnings at an operating profit level, we believe risks are tilted to the upside for Mincon in FY26. There is c.15% upside to our price target, and we reiterate our...
Bellway plc
Mixed FY26 results; new £50m buyback announced
Bellway reported a mixed set of results, with completions ahead of expectations but adjusted operating profit was at the bottom of the prior guided range due to lower margins. The...
