Nov 28 2025
Industrials
Recent Research
Marshalls, CEO steps down
Nov 27 2025
Hill & Smith, Trading statement
Nov 19 2025
Diploma plc, Strong FY2025 results
Nov 18 2025
Meet your Industrials Research team
UK Building Distribution and Products
Foundations in place but recovery still on hold
It has been a bruising 2025 for our UK-listed building distribution and products coverage list. Another year of earnings disappointment has, not surprisingly, impacted sentiment. Looking...
Marshalls
CEO steps down
Matt Pullen is to step down as CEO of Marshalls with immediate effect. He was only in the position since early 2024 but after announcing a refreshed strategy in November last year,...
European Building Materials
Outlook for European construction continues to gradually improve
The outlook for the European construction sector looks to be marginally better than what was envisaged mid-year. The latest Euroconstruct forecasts confirm that activity has...
Breedon Group
Challenging backdrop persists; FY guidance lowered
Breedon’s trading update to end-October confirms that the challenging backdrop highlighted at H1 has persisted, with no material improvement in demand. Guidance has been lowered again,...
Hill & Smith
Trading statement
Hill & Smith has issued a trading statement for the four months to the end of October. Organic revenue has accelerated to 3% in the period and the margin has expended. Divisional...
Diploma plc
Strong FY2025 results
Diploma’s FY2025 results (to September 30th) reflect strong organic top line growth, margin expansion and 21% EPS growth. The operating performance continues to be very impressive....
Genuit Group
Full year adjusted operating profit expectations cut
It had been hoped there would be a renewed momentum to Genuit following its recent acquisitions. However, market conditions continue to obstruct the scope for near-term organic...
Stelrad Group plc
Operational focus helps limit impact of ongoing volume pressure
Stelrad remains on course to record an increase in adjusted operating profit this year. Admittedly, ongoing volume weakness means the magnitude of the advance will be a little more...
Irish economy
Examining Ireland’s new €36bn housing plan
Overall, the Government’s long-awaited housing plan includes many laudable aspects and some novel approaches to increasing housing delivery. However, while delivery of 300k new homes by...
Kingspan Group
Continues to advance with purpose
We are increasing our Kingspan forecasts for 2026 by 2% and are therefore anticipating double-digit profit growth next year. This clearly sets the group apart from the wider sector...
