The slowdown in the UK road business in the year to date has pushed the group into decline with an 11% H118 fall in operating profit (-7% constant FX). FY18 results will be skewed to the H2 as a result. Whilst the reliance on a strong H218 may unnerve sentiment short term, we would be buyers into any weakness (off 20% at time of writing) given catalysts to medium term growth alongside the defensive characteristics to earnings.
08 Aug 2018
H118 Results
