BKW +3.13%: the building products and investment company reported 1H numbers today which were stronger than expected while outlook comments appeared better than feared. Revenue was up 13% yoy, while Underlying profit added 24% to $410m. The Building Products division saw revenue growth in both Australia & Northern America despite signs the construction market has started to taper off with interest rates. The company talked to a strong pipeline of work to support the 2H. The property & investments book is what ultimately drove the result with further positive revaluations, strong performance from WHSP (SOL) which Brickworks owns 26% of (and WHSP owns 40% of BKW strangely enough) and a new property coming online. They continue to see strong demand in key industrial property markets and expect rental increases to further boost income from here.
MM is neutral to bullish BKW
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