Full-year results were in line with expectations. Cost controls contained the reduction in profits, with adjusted EBIT margin down 150bps to 6.4%, while a focus on cash resulted in cash conversion of 148%. With net cash of £13.3m, the group is in a strong position to step up its acquisition strategy in a fragmented market. Some short-term cost and supply chain issues have previously been flagged, which affect short-term margins, but should be recouped. No change to forecasts or our 187p price ta ....
