The FY24 results were in line with the December update, when we upgraded EPS by 16.2%. Trading saw a YoY decline compared with an exceptionally strong FY23 as a result of non-recurring raw material price gains in 2023. Markets have become more challenging, with some project delays and pricing pressure. BILN has a robust order book giving good cover to reduced forecasts, with the ongoing gains of the equipment upgrade programme delivering operational efficiency and capability improvements. Net ca ....
