Industrials

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Taylor Wimpey plc

On track despite tricky trading

Taylor Wimpey’s trading update shows the group on track to meet expectations despite difficult trading conditions. Sales rates and forward orders have held up, providing a solid...

Saint-Gobain Group

To acquire Continental Building Products for $1.4bn

Saint-Gobain (SGO) is to use disposal proceeds to acquire US plasterboard manufacturer Continental Building Products for $1.4bn. The deal sees the group expand its market share in the...

Glenveagh Properties

Make yourself at home: long-term opportunity for growth

Glenveagh has materially outperformed its IPO volume targets in the last two years, and there is evidence to suggest that the build-out is still ahead of our expectations into the end...

DS Smith

Pre-close highlights margin improvement on pricing discipline

Historically, the packaging industry had poor pricing discipline, particularly in an uncertain macro environment. Commentary from both DS Smith and Smurfit Kappa Group (SKG), the two...

Geberit

Strong revenue and margin gains in Q3 provide upside to full year forecasts

Geberit delivered a very good result in Q3 with both organic revenues and margins better than expected. We expect upgrades to full year estimates will follow. As with many of its peers,...

Mincon Group

Greenhammer gets green light; organic revenue flat in Q3

The much awaited Greenhammer technology is now working to (and above) Mincon’s expectations in practice. Revenue from the system could begin before the end of 2019. The rollout of...

Smurfit Kappa Group

Upgrading 2019 forecasts following better Q3 performance

Smurfit Kappa Group (SKG) profits are proving more resilient given the weaker macro environment. This suggests that demand growth is more structural in nature and pricing is more...

Smurfit Kappa Group

Q3 results ahead of forecast on resilient volume and pricing

Smurfit Kappa Group’s valuation is implying a slowdown in profits and cashflow. However, the corrugated pricing and volume environment remains remarkably resilient, providing upside risk...

Builders merchants

UK slowdown feeding into downward forecast revisions

The message from recent company updates is that UK construction activity slowed appreciably during September and into October. It is clear the continuing uncertainties have affected...

Travis Perkins plc

Q3 revenues resilient; Plumbing & Heating sale paused

Travis Perkins is in a period of transition. It is looking to exit areas identified as non-core and attempting to revitalise its Merchanting division while continuing the expansion of...