FY26 has come in in line with expectations (pre-announced at the post-close) and we’re leaving our numbers, target price and recommendation unchanged this morning. The “new” news we would highlight this morning is the commentary around the start to FY27, which is positive, and follows what was a strong fourth quarter in FY26. It feels as though the final pieces of the recovery are coming through notably in Controls and risk to FY27 numbers is to the upside if trading can keep up some of this momentum. We reiterate our Buy recommendation and 850p price target.
