New product launches, coupled with distribution and service agreements across a wider geographical footprint have resulted in growth in Billi and Consumer Goods. The latter was achieved despite rationalisation of costs and product lines during the last two years. Billi has continued its low double-digit yoy revenue growth in H1 25. The one area of the business with exposure to the US is Controls and, in line with other global engineering outfits, it witnessed order deferrals during Q2 following ‘Liberation Day’, resulting in a 7-8% reduction in bottom-line estimates. Yet we expect gross margins to be unchanged versus previous expectations. Our fair value per share increases modestly to 108p, reflecting rising average peer group valuations since the preliminary results in late April and thereby offsetting the effect of the adj. EPS and EBITDA downgrades. The updated fair value is materially above the current share price level.