Published on: July 28, 2022
Estimates nudged up after strong interims
We have nudged up our FY22E adj PBT by 3.1% from £67.0m to £69.1m following “strong trading throughout” the first half in this morning’s interim results, which saw a 38% increase in adj PBT to £37.3m and a 45% rise in adj EPS to 13.5p. Both housebuilding and RMI (repair and maintenance) remained strong, the latter boosting demand for the high-margin London Brick range. Capacity was constrained but prices rose by c.30% in six months, supporting margins.