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Published on: July 31, 2019

Robust housebuilding keeps outlook on track

Improved volumes and prices continued to offset cost increases in the first half, amid a “robust” housebuilding market – demonstrated in latest brick industry data. Britain’s second largest brick manufacturer confirmed performance was in line with expectations for the full year, albeit with increases to EBITDA offset by depreciation and interest. We are not changing our overall revenue or PBT estimates for FY 2019 or 2020, but have nudged up basic EPS, due to fewer shares, with a requisite rise in the dividend.

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