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The level of UK economic activity, in particular the state of the repair, maintenance and improvement (‘RMI’) and new-build housing markets, are important drivers of our performance.


Private RMI (c.85% Eurocell revenue)plus

Generally mixed market drivers:

- Renovation activity, stimulated by:

  • In H2 2020 – impact of COVID and desire to improve / extend homes drove a strong RMI market
  • More generally – pension draw down and consumer desire for maintenance free property
  • Or change of family circumstances

- Consumer confidence / uncertainty

  • Unclear how COVID impact will develop in 2021
  • Potential for significant level of redundancies
  • Brexit risk and other macro factors

Generally stronger Eurocell drivers:

- Increase propositions in EBP

  • New larger format stores
  • Maturing branches
  • Conservatory roof development
  • Outdoor living products
  • Retail proposition

- Sales of windows through branches

- Strong market and competitive position with trade fabricators serving the RMI market in Profiles

New build (c.10% Eurocell revenue)plus

Generally mixed market drivers:

- In H2 2020 – high levels of mortgage approvals

- Help to Buy continues to support demand, but restricted to first time buyers from 2021

- Large builders maintaining conversions

- Long term shortage of housing may attract government intervention to boost volumes

- Public sector: Right to Buy enables housing tenants to buy their homes at a discount COVID stamp duty holiday ends March 2021

- Macro – affordability remains a key issue

Generally stronger Eurocell drivers:

- Continue to benefit from differentiated specifications

- Strong market and competitive position with new build fabricators

- Low cost fabricators leaving market and work being taken by Eurocell fabricators

- Growth of Cavalok cavity closer product (65% share) driving contact with house builders

- Vista increasing market share of doors

Commercial (c.5% Eurocell revenue)plus

Generally mixed market drivers:

- Slow to return post COVID in  H2 2020

- Continued hesitancy caused by delays to funding release from government

Generally stronger Eurocell drivers:

- Only brand maintaining a sizable salesforce displacing aluminium with PVC

- Better U-values and 30% cheaper

- More fabricators working in commercial

Despite generally mixed signals and a significant level of uncertainty over how markets will develop in 2021, we have good potential to outperform – capitalising on our strong market positions and clear strategy.



After an estimated fall of 10% in 2020, real UK GDP is forecast to grow by 5% in 2021.

Interest ratesplus

UK interest rates remain at all time low of 0.1%.


Total construction activity was down 14% in 2020, but is forecast to recover and grow by 14% in 2021 and 5% in 2022 (i.e. 2021 is forecast to be 2% down on 2019).

Housing marketplus

Total activity housing was down 20% in 2020, but is forecast to recover and grow by 15% in 2021 and 7% in 2022 (i.e. 2021 is forecast to be 7% down on 2019).

The private housing RMI1 market was down 12% in 2020, but is forecast to recover and grow by 10% in 2021 and 3% in 2022 (i.e. 2021 is forecast to be 3% down on 2019).

Sources: Bank of England forecasts for the UK economy  (published February 2021), Construction Industry Forecasts 2020-22 (published January 2021).

Eurocell Revenue by Market (%)

Private home improvement and, increasingly, new build housing are currently the most important market segments for Eurocell.

CPA Construction Industry Forecasts (2020-2022)

Total construction output growth


Total housing growth

Private housing RMI growth


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