A positive trading update indicating strong year-end trading, boosting it ahead of market expectations, with the outlook firm for existing FY26 forecasts. Order intake is strong, helped by recent communications equipment orders. Mindful of changing tariffs and challenging markets, it is well positioned in defence and security markets, with a flexible supply base and is investing in growth areas. We upgrade FY25E EPS by 8%, with no change to FY26E we maintain our 210p target price. After challeng ....
