Half-year results reflect on challenging markets, with weakness previously flagged due to delays on some rail project contracts, which have been rescheduled. Despite previously announced delays 2H is expected to be profitable. No further changes to our expectations, and our 105p target price, with strong asset backing, offers plenty of upside to the current attractive valuation (FY26E P/E of 10.0x). Order intake has recently accelerated significantly, while strategic initiatives are improving op ....
