Key highlights The group expects to deliver c10% CCY revenue growth, aided by c3% growth in order intake. Adjusted operating profit will be slightly ahead of H1 2025, but margins will be lower on account of mix and stronger revenues from the Advanced Technologies division. Divisionally, Imaging & Analysis had good momentum in H1 and positive book-to-bill, most notably in materials analysis and semiconductor markets, which helped to more than offset softer demand in Healthcare and life sciences market. Advanced Technologies reported good order book visibility. The compound semiconductor business continues to perform well, and the quantum business continues to make good progress towards returning to profitability with ongoing deliveries to a key customer. Regionally, the US performed well despite some customer caution in light of the upcoming election and China was down yoy, as expected, as the group exits the quantum and high end semiconductor market; however, the pivot towards south east Asia has helped to offset some of the weakness in China. Outlook: Encouragingly, management expect to deliver FY24/25 in line with current market expectations on a CCY basis. A H2-weighted (revenue split 45%/55%) performance, in line with historic trends, is expected and will be supported by large order deliveries in Advanced Technologies and continued delivery of cost, efficiency and operational improvements. We note that prevailing FX headwinds are expected to further impact operating profit by £1.5m-£2.0m. Valuation: CY25E P/E 17.0x, EV/EBITDA 9.7x and FCF yield 4.5%, improving to 16.0x, 8.8x and 5.0% respectively in CY26E