Results were in line with expectations with no change to full year guidance on a CCY basis. Order intake was robust during the period providing decent visibility, although the timing of recovery in healthcare remains uncertain. Current trading The group reported revenue of £225.8m, an increase of 10.4% on CCY basis driven by regional rebalancing, and strong growth in semiconductor (+26.9%) and material analysis (+9.6%) which helped to offset weaker healthcare & lifesciences demand. The CCY order intake improved 2.6% yoy to £224.6m against a tough comparator of +10% in the prior year. The order book now stands at £294.9m and implies a positive book-to-bill of 1.01x. As noted in the recent trading update, the impact of FX headwinds and the mix effect of strong growth in advanced technologies had an adverse impact on adjusted operating profit and margin which declined 7.7% yoy to £32.9m implying a margin of 15% (-240bps yoy). Although H1 is typically lower, cash conversion continues to be impacted by working capital movements and the timing of cash receipts from a long-term quantum contract. A better H2 cash performance is expected, and likely to be within the range of 40-60%. The balance sheet remains in decent net cash position with £39.3m, and the group is increasing the interim dividend by 4.1% yoy to 5.1p. Outlook A decent orderbook and visibility sees reaffirmed full year guidance (on a CCY basis). The rebalancing of the group portfolio has resulted in exceptional growth in the US and Asia-ex China, and operational improvements have unlocked further opportunities for value creation. In line with historic trends, a H2 weighted performance is expected, and supported by the large order book of £294.9m, particularly in Advanced Technologies and continued delivery of cost, efficiency and operational improvements Valuation Shares trade on 17.8x FY26E P/E and 10.2x EV/EBITDA, falling to 16.7x P/E and 9.2 EV/EBITDA in FY27E.