reports
- Hybridan Team
Hybridan Small Cap Feast: 15 January 2026
* A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the Day Admissions: Ultimate Products (ULTP.L) The owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (...
Henry Boot: 1 director
A director at Henry Boot sold 24,201 shares at 217p and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing C...
Galliford Try Holdings Plc: 1 director
A director at Galliford Try Holdings Plc sold 50,000 shares at 524p and the significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
Titon Holdings: 2 directors
Two Directors at Titon Holdings bought 44,386 shares at 90p. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
- Andy Hanson
Audio Note: Norcros - Outperforming despite end markets
In this audio note, Zeus’ Andy Hanson summarises the investment case for Norcros. No surprises in the interim results post the comprehensive trading update provided in mid-October following the announcement that the Fibo acquisition had received CMA clearance a few days prior.
- Toby Thorrington
Norcros - Hiding in plain sight
Margin progression, cash generation and dividend growth – as well as a material, post period end acquisition – were all notable features of H1 26. A sharpened and connected business portfolio with leading market positions, clear strategic growth drivers and demonstrable results are together delivering above sector performance against a generally subdued economic backdrop. The foundations are in place to continue to capture market share in a more favourable cyclical environment, though this is no...
- Andy Hanson
Norcros (NXR LN) - Outperforming despite end markets - BUY
No surprises in today’s interim results post the comprehensive trading update provided in mid-October following the announcement that the Fibo acquisition had received CMA clearance a few days prior. Performance in H1-26 was mixed with the early part of the period showing Group L4L ccy revenue decline of -4% but rebounding to positive 2.8% in the last 18 weeks of the period. This resulted in 1.3% growth across the first six months (+0.8% on ccy L4L basis) with revenue of £184.3m. While current m...
Volution Group: 1 director
A director at Volution Group maiden bought 3,719 shares at 628p and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
Forterra Plc: 1 director
A director at Forterra Plc maiden bought 50,000 shares at 180p and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
Morgan Sindall Group: 1 director
A director at Morgan Sindall Group sold 28,458 shares at 4,950p and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
- Toby Thorrington
Strategy driving progress, full year on track
Having completed the Fibo deal earlier in the week, Norcros has followed up with a solid, above market H1'26 trading update and unchanged guidance. Strategic delivery through operational excellence and highly complementary M&A is clearly being executed well and, notwithstanding market variability, Norcros is maintaining forward momentum. Norcros delivered a marginally better underlying revenue performance in H1'26 overall with the headline c.£184m also boosted by an additional trading week. In g...
Keller Group: 1 director
A director at Keller Group maiden bought 1,921 shares at 1,554p and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
- Andy Hanson
- Charlie Williams
Norcros (NXR LN) - HY update: premium segment remains resilient despit...
Norcros’ H1-26 trading update highlights the strength of the Group’s portfolio of leading brands within the UK bathroom and kitchen market. Following a slow start to Q1, Group L4L revenue improved sequentially with Group H1 revenue expected to be +1.0% at CC. The UK division continues to strengthen its margin, showing a 120bps expansion to 14.8%, helping drive Group adj. operating margin up 70bps to 11.9% and absolute profitability to £21.8m (H1-25: £20.8m). Management reiterate trading remains ...
- Toby Thorrington
Earnings-enhancing Fibo deal completes
In a strong strategic move, Norcros has announced the completion of the Fibo Holding AS acquisition first announced in July. It enhances the company’s existing stable of brands in a higher growth segment and brings group exposure to adjacent markets, most notably Scandinavia. On our estimates, the deal enhances earnings by 13-14% in a full year, along with new market opportunities for existing operations. The acquisition of Fibo completed on 13 October following unconditional clearance from t...
Berkeley Group Holdings: 1 director
A director at Berkeley Group Holdings bought 1,325 shares at 3,773p and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
Kier Group: 1 director
A director at Kier Group sold 192,440 shares at 210p and the significance rating of the trade was 83/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing ...
Costain Group: 2 directors
Two Directors at Costain Group bought/maiden bought 25,000 shares at between 131p and 132p. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over ...
Marshalls: 3 directors
A director at Marshalls bought 7,734 shares at 206p and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing C...
- Andy Hanson
- Charlie Williams
Building Products and Construction Round-up - August 2025
Whilst most companies maintained full year guidance during H1 updates, one of the key themes during July’s announcements was the lack of expected volume recovery during H2. This is somewhat unsurprising, but it is important in the context of the recovery. The last few years have seen successive volume drawdowns, so with H2 visibility now much clearer and expected to be broadly flat, volumes may have bottomed. Looking at sector multiples, Merchants & Retailers are pricing in the most recovery in ...
- Andy Hanson
Audio Note: Norcros - Positive start to FY26
In this audio note, Zeus’ Andy Hanson summarises the investment case for Norcros. Trading in the first three months of the year has remained resilient with Group revenue +0.6% on a constant currency L4L basis, driven by the UK at +1.0% L4L and South Africa at -0.6% L4L CC.
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