UK & European Research at a Glance - July 8, 2026

Research evidence excerpt

UK & European Research at a Glance - July 8, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

in our UK bank coverage.

Earnings Preview

Andrew Brooke (Analyst) Pan-European Business Services

+44 20 7002 2262; andrew.brooke@rbccm.com Published July 8 2026 00:45:00 EDT

Thoughts and previews ahead of Q2 results season

Our view: Results season kicks off in earnest next week so we have included short

previews for all companies due to report in the next few weeks. We also include

updated performance stats and valuations. On the whole, we expect outlooks to

reflect the continued uncertain macro environment, albeit PMIs have been more

positive of late and temp staffing data has been bottoming out. YTD the sector

has continued to underperform primarily driven by further EPS downgrades and

cautious commentary at the cyclicals and more latterly UK political uncertainty.

Consequently, defensives have continued to materially outperform the cyclicals.

We have a relatively balanced position in terms of key picks between defensives

(ARMK, CPG, DPLM, MTO, SECUB, SRP), self-help/special sits names (RTO, TPK, CPI)

and cyclicals (ADEN, RS1, IWG, PAGE).

Company Comments

Anthony Codling (Analyst) Barratt Redrow PLC (LSE: BTRW; 283.30)

+44 20 7429 8145; anthony.codling@rbccm.com Published July 8 2026 00:15:00 EDT

Oliver Dyson (Equity Author)

+44 20 7002 2645; oliver.dyson@rbccm.com To buyback or not to buyback

Rating: Outperform

Price Target: 350

Our view: We understand the rationale for housebuilder share buybacks when

they are trading below book value—the maths is clean and seductive, and the

accretion seems certain. But it mistakes accounting for economics: the buying back

is currently not the bargain it seems. We would advise Barratt to hold its cash, wait