The mix of the business continue to move towards touch (84% of sales) and also towards larger sized sensors. Margins are therefore improving and offsetting the anticipated reduction in non-touch sales. Net cash continues to increase and we upgrade FY16 EPS by 3% thanks to a lower projected tax rate. We continue to feel that an FY16 P/E rating of c.16x is inexpensive for a growing technology business with a strong balance sheet and a dividend yield of over 3%.
