FY25 results were in-line, showing revenue and profit growth in all three divisions, with a strong export performance, new product introductions and incremental six-month contribution from ARP (acquired Dec 2023) with organic growth of c7% outperforming the lacklustre 2% growth in the construction sector. We make no changes to FY26E, with new FY27E forecasts added. The shares continue to look good value even after 37% appreciation in the year and continue to trade on a 12.4% discount to its peer ....
