Britain’s second largest brick producer beat consensus and our
estimates, buoyed by continuing growth in housebuilding.
Management maintained its outlook for FY 2019E. We have trimmed
our EBITDA forecast into line with consensus but nudged up EPS. Our
belief that brick demand will continue to outstrip supply is supported
by a slew of data indicating that housebuilding and home extensions
are holding steady despite the Brexit furore.