Ann: Investor Presentation May 2023, page-24

The copy below is from Naos insights and indicates that the building industry is still very busy in fact at "historically high levels". This is evidence that the problem is more about problems related to completion due to labour shortage, sales of completed spec homes and increases in building materials swallowing profits on fixed price contracts. MGH have advised of some headwinds but the revised guidance does not seem to indicate that they are impacted as much as the smaller builders who have delayed unfinished fixed price contracts. As I have stated before - those builders who manage to come out of this current turmoil will have less competition and much more favorable conditions than they had pre-Covid times. MGH will be one of them based on current company comment and the fact they are back in buyback mode.
Building& Construction

“The pipeline ofdetached housing projects under construction remains at historically highlevels....Activity in the apartment market is improving as more projects havemoved to construction stage, while non-residential activity remains strong,supported by a large pipeline of approvals” JulieCoates, CEO, CSR Ltd