Stephen Rawlinson
15 May 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 15th May 2017

It’s a day for updates from sector tiddlers with Bilby and Mortice updating us on progress. We attended the SIG meet the top team event Friday last. We got a very positive impression from the new CEO. The sector performed weakly last week against a positive performance in the overall market.

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Stephen Rawlinson
12 May 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 12th May 2017

Interserve and Tyman both have an AGM later today and have issued update this morning covering the year to date. Interserve’s news is very much a holding statement as the new CEO is not due to arrive from Sodexo until September. Tyman’s news is that all is as expected in the mainstream with some ups and a few downs balancing each other.

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Stephen Rawlinson
11 May 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 11th May 2017

SIG and Keller have issued trading updates today and Fulcrum Utility Services has announced that CEO Martin Donnachie is leaving after four years in the job to be replaced by current FD Martin Harrison. The moves yesterday were in a narrow range. We spent an interesting morning yesterday at the launch of ilke Homes, a joint venture between Algeco Scotsman’s UK subsidiary Elliot and Keepmoat. The company intends to expand its production of offsite volumetric 2/3 bedroom homes over the next few years through building a number of factories each capable of 500+ homes a year on a one shift/5 day working cycle.

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Stephen Rawlinson
10 May 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 10th May 2017

The interim numbers from Compass and trading updates from Michelmersh Brick, Barratt Developments and Marshalls are the attention grabbers today in the HICS sector. Shareholders in Compass will be pleased to see the company performing well in the first six months with organic revenue growth at CER of 3.6% and margins up by 20bps but the main eye-catcher will be the proposed 61p a share special dividend expected to be paid in July along with the 11.2p of interim payment.  Carillion was the leader of the pack yesterday as it rose 5% to 226.5p. The stock goes XD tomorrow with a dividend payment of 12.7p so the rise yesterday on 10.5p was proportionate.

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Stephen Rawlinson
9 May 2017 · 1 min read

Market Commentary - Housing, Infrastructure, Construction and Services 9th May 2017

It’s all going to plan at Grafton, if we have understood correctly the update released this morning to coincide with the AGM later today. Mitie has announced a new non exec Chairman today, Derek Mapp, who joins the company after having similar roles elsewhere. The sector moves yesterday, as in the market as a whole, provided limited sense of direction.

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Stephen Rawlinson
8 May 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 8th May 2017

Costain has issued a very short statement today to coincide with its AGM. Centrica’s update today is interesting for its comments on energy price caps. Friday last was a good day for stocks that have been out of favour in the last few months. The sector did a little better than the market last week with a 2.0% increase versus the market up by 1.1%. YTD the HICS stocks are up 10% with the housebuilders leading the way, up 12%, versus the 3.3% rise in the All Share.

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