Newsflow in October was reasonably positive across all subsectors despite the worsening Construction PMI. Almost all companies reporting results or trading updates reiterated full year guidance whilst a handful, such as Morgan Sindall and Victorian Plumbing, saw upgrades with VIC indicating results will be at the top end of consensus. There have been pockets of weakness, particularly the brick manufacturers, with Ibstock issuing a second downgrade this year following weaker-than-expected demand. ....
