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Published on: May 25, 2022

Strong demand and pricing fuel upgrades

We have raised our FY2022E PBT by 11% from £60.2m to £67.0m following yesterday’s AGM trading update, which reports strong trading in the first four months, ahead of management’s expectations. Revenue for the period was 25% ahead of last year, driven by a 6% increase in brick volumes and a second price rise. Statements from the leading housebuilders highlight the strong demand for materials, while low inventories support pricing power.

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