Jun 30 2025
Industrials
Recent Research
Holcim, Spin-off of Amrize completed
Jun 23 2025
XPS Group, FY 2025: strong profit and outlook
Jun 19 2025
Bellway plc, Modest upgrades to FY25 on the way
Jun 10 2025
Meet your Industrials Research team
Ibstock plc
Setback dampens investment case
The prospect of Ibstock recording a pick-up in earnings this year has been dashed. While volumes continue to recover, the combination of higher-than-expected costs and weaker selling...
Holcim
Spin-off of Amrize completed
Holcim’s spin-off of Amrize has completed. While we expect modest short-term volatility in both shares, there has been strong shareholder support for the transaction and extensive...
Berkeley Group
FY25 results in line; FY26 reiterated
While sales remain at a very subdued level (c.40% below FY22’s outturn), Berkeley Group has been able to meet FY25 expectations and reiterate FY26 guidance. The business is back into...
XPS Group
FY 2025: strong profit and outlook
XPS delivered a strong FY25, with solid revenue growth, margin expansion and double-digit dividend growth. Strong cash generation and low leverage provide flexibility for reinvestment....
Ibstock plc
Costs and competition driving lower FY25 expectations
While a sustained recovery is underway in Ibstock’s main markets, adding capacity has held back profit growth in H1. Competition is also restricting margins at this stage, and full year...
Bellway plc
Modest upgrades to FY25 on the way
Bellway issued a solid update this morning, showing spring sales in reasonable shape. A small upgrade to FY25 is likely from a marginally better volume and average selling price (ASP)...
Building materials
Outlook for European construction market slowly improving
Construction volumes in Europe fell by more than 3% over the course of 2023 and 2024 but only a modest (0.3%) recovery is expected this year, according to the latest set of...
Hill & Smith
Nothing to fear but fear itself
Hill & Smith has an excellent track record of growing EPS through periods of macro weakness. Another such period may be approaching. However, history has shown that investor concerns...
Kingspan Group
No ceiling to roofing ambitions
Kingspan is to increase its investment commitment to the US roofing market from $750m to $1bn over the next five years. This is clearly a significant statement of intent and we believe...
Breedon Group
Attractive fundamentals but lacking catalysts
Breedon has a clear strategy, credible management team, proven resilience and positive organic growth prospects in 2025/26. It has also performed well as a stock, up 50% over the past...
