Dec 10 2025
Industrials
Recent Research
Marshalls, CEO steps down
Nov 27 2025
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Volution
Another sound trading update with a further meaningful deal in Australia announced
Volution’s trading update confirms that the group is well on its way to delivering another year of good progress. In addition, the Volution development agenda continues apace with the...
Berkeley Group
Guidance reiterated despite softer autumn sales
H1 is modestly ahead of implied guidance at Berkeley, and FY26 and FY27 guidance has been reiterated. Comments regarding recent softness ahead of the Budget will be unsurprising, and...
CRH
To enter the S&P 500 index later this month
CRH’s inclusion in the S&P 500 index later in December is well-deserved recognition of the company’s place as the US’ leading provider of construction materials. Its addition to the...
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...
