Strong trading. Halma continues to deliver growth despite all external headwinds. Its ability to do this is a significant achievement and highlights the resilience and flexibility of its business model. All sectors delivered good organic growth and it achieved growth in all geographical regions – including Asia Pacific, despite lower growth in China (6-7% of Group sales) as expected. Acquisition momentum also continues with six deals completed in FY23. Cash conversion is a highlight – we expect c100% in H2 vs. 63% in H1. Positive outlook. The order book remains strong with order intake in-line with revenues, normalising as expected post the supply chain constraints et al. Positive underlying demand remains, providing confidence in our outer-year forecasts, underpinned by incremental acquisition contribution. Unchanged forecasts, reassuringly. Halma is on track to meet FY23E profit expectations. Seasonality is returning to normal historical profit levels (H1/H2, 48/52%) and we expect this to be the case in FY24E. This is reassuring compared to the listed peer-group, which are generally guiding to a greater H2 weighting than normal. Investment case. Halma has a proven business model, which should continue to generate long-term revenue and profit growth. The critical nature of its product portfolio, geared towards non-discretionary and sustainability-related demand, should continue to underpin positive momentum. Halma also enhances its attractive organic growth with M&A (£164m on 13 acquisitions in FY22 and £264m on 6 acquisitions in FY23), highlighting its ability to use cash generation to expand addressable markets. Halma’s valuation is at a deserved premium to peers, in our view, given its relentless delivery. Next catalyst. Halma will release FY23 results on 15 June 2023.