Today’s interims highlight a resilient performance, reflecting international diversification and self-help. The fact that good momentum has continued into Q3 is positive. As is reinstatement of the interim DPS (3.5p). PMP however makes the bulk of profits in Q4 and whilst the US order book is good, UK uncertainty and a higher cost outlook in some areas means we rein back our current year PBT by 20%. This still implies a credible flat H2 EBIT and y/y PBT growth of 11%. Prudence also means we lowe ....
