James Halstead’s FY19 prelims reported +1.4% y/y sales growth, a credible performance in our view given difficult trading conditions. Along with margin resilience (gross margins +110bps y/y), the group delivered ~3% y/y earnings growth, continuing its successful track record. We make small changes to our forecasts detailed below. At ~26x P/E on our FY20e earnings, we remain Neutral on the stock on valuation grounds alone. Financials results vs. our estimates. The group has reported reve
