The pick-up in customer activity seen towards the end of last year has carried into FY26. Order intake has remained resilient and the order book provides good visibility for the remainder of the year (c.50% of FY26 sales inc. revenue already delivered). Against this backdrop, management has reiterated FY26 expectations despite ongoing macro and geopolitical uncertainty. The phasing of order delivery means there will be a 2H bias in the numbers (as flagged at the prelims). We view today’s trading update as reassuring, particularly given the shares are down more than 30% over the last year amid concerns around growth momentum. We make no changes to our forecasts and remain positive on the stock.
