The interim results again showed strong PBT growth (44%) helped by the ongoing trend of an improving product mix as well as a relatively more favourable currency impact. We retain our profit forecasts but see potential for upside if positive trading momentum continues. The balance sheet again continues to strengthen with net cash up to £12.5m and the interim dividend was increased by 10% to 3.80p. With underlying trading remaining positive, we continue to feel that an FY17 P/E rating of 15.6x i ....
