Our view Consensus for FY25 looks well supported by this reassuring update and we would not expect any material changes today. The current order book is robust and provides good visibility. It is also encouraging to see that the Group has continued to de-leverage its balance sheet. Valuation looks relatively undemanding, and the shares should be well supported by the £20m share buyback. Trading update summary The Group has continued to trade well and in line with the Board's expectations in the first half of the financial year, with performance expected to be second half weighted like the previous year. As of 31 December 2024, the order book stood at approximately £11bn which is a 2% increase from the year-end position and 3% above the prior year comparative. The Group has secured over 95% of revenue for FY25 providing high visibility. De-leveraging is in line with the Board's expectations, with average month-end net debt of approximately £38m (HY24: £136.5m). The Group is expected to report a net cash position as of 31 December 2024, above the prior year comparative period (HY24: £17m). The Board has approved an initial share buyback of £20m, reflecting the strengthening balance sheet. The Group has announced some good recent contract awards, including being appointed by Yorkshire Water for its £850m infrastructure services framework and a £500m contract win with the NHS. The Group sees significant medium-term growth opportunities as a strategic supplier to key areas of the new Government's priorities, including transport, education, healthcare, justice, defence, and nuclear. Substantial investment plans in water are expected to benefit the Group. Valuation Shares are up by 11% over the last twelve months. They reside on FYPE and EBITDA multiples of c. 6.5x and c.2.5x respectively with a c.5% dividend yield.