Over three-quarters of covered contractors beat revenue expectations, offset by 62% falling short of forecast EBITDA margins. Pleasingly there are fewer adjustments to get to “underlying” numbers than in previous years. The overall market is down over the last couple of weeks, so it is unsurprising that contractors have followed suit. Nearly half of our covered contractors expect at least 10% EBIT(A) growth half on half. Clearly the market continues to favour capital-light businesses despite meaningful positive strides by their capital-intensive counterparts. Finally, we heard enough comments about project delays to give pause.
To access the full report please log in under the Research Portal at the bottom of this page.
Argonaut’s Research Portal allows you to access Argonaut’s wealth of Research, as well as view descriptions of the Morning Note, Companies covered and the Team.
If you would like to access our research please contact us to create an account.
