The Q1 results from SIT showed strong growth benefiting from the Janz acquisition and showing good recovery in key elements of the heating business. Historically SIT has enhanced both market share and margins through constant product development and these results saw growth in fan products and C&I metering driven by new product introductions. A stronger outlook statement is encouraging and we have made a modest increase to our FY 21 forecasts resulting in a small increase in our base case valuation which rises to €11.7 from €11.5.
