Today's trading update reveals the ongoing strength in its end markets, underlined by the forward visibility provided by its order book (£545m). The balance sheet remains strong, and this is a key competitive advantage against what remains an uncertain macro backdrop. Despite inflationary pressures, FY22E margins have been maintained at 2.8%, although we take a more cautionary view in FY23E. Whilst headline earnings move down, this should not detract from the continued progress of the business a ....