Strong trading and a new record high for the order book for Britain’s leading structural steel specialist drove a 22% increase in adjusted interim PBT, slightly exceeding its previous guidance on the H1:H2 split. This underpins our FY2022E forecasts, which we are not changing at this point, while the 37% Y/Y increase in orders provides increased visibility through to FY2023E. The strong first-half performance was achieved despite supply chain and inflationary pressures in the UK, while the Indian JV returned to profitability amid clear signs of economic recovery from Covid.