Interims highlight a resilient performance in challenging market conditions. Some decent margin gains have already been delivered from internal actions, with more expected. Adj PBT has been affected by higher interest charges. A strong focus on cash generation has resulted in a £10.2m reduction in net debt to £27.8m, driven by a reduction in working capital. We reduce FY24E EPS by 12.3% and FY25E by 20%. We shave our TP to 100p, offering significant upside from currently attractive levels, being ....