Half-year results were in line with the recent trading update and showed good volume growth, coupled with increased prices, generating 15.8% revenue growth. Operating profits have been severely affected by increased input costs, with price rises lagging inflationary effects and margins contracting. H2 is expected to see a marked improvement in margin. Adjusted PBT was down 22%. We make no change to our forecasts given our recently reduced expectations. We retain our 135p price target, with the s ....
