The first results of the new five year planning period were encouraging. The company has demonstrated that it has the potential to leverage its manufacturing expertise and intellectual property in order to expand its presence in higher margin niche markets and extend its global reach. There are still significant economic headwinds and potential implementation risks attached to the new strategy but, through a combination of organic growth and selected M&A activity, there are grounds for future optimism. The current rating is still reflecting historic trading difficulties and the subsequent uncertainties of a new management team and a revised strategy. However, there was sufficient evidence in the FY2015 results to suggest that a more optimistic view is now appropriate.