Trading remains good, with an improved order book, up 6.5%, and with growth enhanced by acquisitions, new product launches and new market entry. The acquisition of Control Micro Systems Inc (CMS) is strategically attractive, providing a platform for further growth. The group remains competitively well positioned, with a world-class reputation and its financial position enhanced by the pension scheme buyout. The shares stand at a discount to the peer group and to a DCF valuation, and offer an appealing yield, in our view.
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