Significant investment activity, business portfolio management and more favourable financing have all been prominent features in the year to date, with group EBIT progress also delivered in H116. We expect Low & Bonar to deliver solid H2 performance and to continue its strategy of business improvement. Our estimates are modestly higher in the current year, more so in the following two and the FY17e P/E is now below 10x with a dividend yield of c 5%.