FY24 results were slightly better than our recently upgraded forecasts, with top-line growth driven by the acquisition of Slack & Parr and organic growth of 9%, which we consider a strong performance in challenging markets. Development investment in Medical & Industrial Imaging (‘Medical’) offset the otherwise good performance from the AES division. We are upgrading FY25E EPS by 147% with better profitability at AES and lower losses at Medical Imaging than expected earlier. We introduce new FY26 ....
