Record FY results. Revenues grew by 15.7% (+17.4% OCC) with adjusted PBT increasing 13.6% (+15.4% organic) driven by all divisions/regions. Return-on-Sales (RoS/PBT margin) contracted 40bps to 20.7%, as expected, from the unusually high levels during Covid. EPS grew 11.6% to 65.48p and the dividend is increased 7.0% to15 18.88p (43rd consecutive year of >5%). Cash conversion of 84% reflects growth and inventory contingency while net debt of £274.8m is only 7% higher y-o-y, despite significant investment. Positive outlook. A strong order book, and FY23 order intake ahead of revenue and in-line with a strong FY22 provides confidence. Management expects good single-digit percentage organic constant currency revenue growth in FY23 and RoS similar to the second half of FY22 (20.5%) Upgrading forecasts. We increase our FY23 organic/acquisition/FX revenue assumptions and adjust for guidance on higher interest costs and tax. Overall, we upgrade our FY23E PBT by 6.2% and FY24E by 5.9% (details on page 6). CEO retirement. Andrew Williams will retire after joining Halma in 1994 (18yrs as CEO). Marc Ronchetti, CFO, is now also CEO designate and will take over the role on 1 April 2023. A rigorous search process was conducted and this appointment provides continuity. Marc will be Halma’s 4th CEO in 50yrs. 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 ESG-related demand, should continue to underpin positive momentum. Halma also enhances its attractive organic growth with M&A (13 acquisitions in FY22 for £164m in total consideration, plus a £37m deal in April), highlighting its active portfolio management and efficient recycling of capital. Halma’s valuation is at a deserved premium to peers, in our view, given its relentless delivery.