Oct 16 2025
Industrials
Recent Research
Ibstock plc, Another profit warning
Oct 10 2025
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Travis Perkins plc
Waiting for Gavin
This is likely to be the last trading update from Travis Perkins before the arrival of Gavin Slark as CEO. The challenges that await him are well understood, not helped by a persistently...
Bellway plc
FY25 ahead of expectations; £150m buyback launched
Bellway’s FY25 is just over 2% ahead of expectations, driven by a slightly better margin performance. The FY26 margin is guided slightly below current expectations, and we see very...
Ibstock plc
Another profit warning
Ibstock’s profit warning suggests EBITDA for the year will now be around £71m, approximately £8m (10%) lower than current expectations. 2025 has proved a much more challenging year...
Volution
No let-up as impressive growth continues
The year to end-July 2025 was a memorable one for Volution, notably for the transformative Fantech acquisition as well as further striking underlying progress. Formal results reveal...
Home construction
Government continues to remove homebuilding barriers
Budget 2026 saw the continuation of a policy theme that has played out over the course of 2025. The government is continuing to remove barriers (tax, cost and regulation) to new...
Saint-Gobain Group
Ambitious targets set out in new 2026-2030 strategy
So far this decade, Saint-Gobain has successfully executed a transition into a higher margin, better returns business with a more attractive operating portfolio (geographically and...
CRH
Investor Day establishes CRH as must-own stock
As the market leader in all its regions and sectors, CRH has demonstrated that it is the most consistent compounder of capital, delivering industry-leading growth in profit, cash and...
Taylor Wimpey plc
On track for 2025 and ambitious medium-term targets revealed
Taylor Wimpey has outlined a set of medium-term targets that, if achieved, will transform the earnings and returns profile of the group. At the heart of the strategy will be unlocking...
CRH
Strong profit growth targets set out ahead of Investor Day
Ahead of its Investor Day, CRH has set out a five-year, ambitious financial plan which will imply double-digit EBITDA growth per annum to the end of the decade. These targets, combined...
Watkin Jones
Significant new PBSA scheme in Glasgow announced
The new purpose-built student accommodation (PBSA) deal at Watkin Jones has two materially positive impacts on the group: (1) it significantly derisks FY25 financial guidance and (2) it...
