The results were slightly above expectations and have been driven by the 9-month contribution of Hayward Tyler since its acquisition. The integration process has gone well and completed ahead of schedule, achieving its targeted cost savings. In-line results are reassuring. We see significant upside to profits over the next few years as PB’s and HTG’s profits progress towards mid-teens EBITDA margins in the medium term. In the mean time, significant hidden value is building up, as ....