Published on: May 18, 2021
‘Materially’ improved outlook lifts guidance
We have increased our FY2021E PBT, EPS and dividend estimates all by 16% after the building materials producer indicated in this morning’s AGM statement that this year’s performance would be “materially ahead of the Board’s previous expectations”. This was driven, in our view, entirely by strong demand in the Bricks & Blocks division from both housebuilding and repair and maintenance. However, the Group, the UK’s second biggest brick manufacturer, became the latest of many suppliers to highlight the growing impact of supply chain inflations and shortages.