Key points: Interims reported revenues of £126m (flat YoY), a 3.3% increase in PBT to £24.5m led by margin improvements, and a record dividend of 4.0p (+3.9% YoY, yield 3.3%). The group also saw a significant rise in net cash in the last 6m from £50.5m to £62.8m (Dec 18A) driven by strong FCF cash generation (c.88% FY19E) and favourable working capital inflows (which we expect to unwind in H2). We leave our forecasts unchanged (+3.8% sales growth, 19.6% operating margi
