The group has flagged a stronger performance in 2H and is expected to deliver trading in line with market expectations. 4Q order intake has ticked up, giving a strong year-end order book and also providing good momentum continuing into FY26. No change to forecasts. Our 135p target price continues to highlight a substantial rerating opportunity, with the current FY26E P/E trading at just 9.9x, with a trading recovery coupled with management actions on efficiency expected to deliver significant im ....