The full year results were in line with market expectations. As anticipated, the Packaging Machinery division generated strong sales growth of 26% and more than doubled its operating profits. However, overall group profitability was held back by weak trading in the Instrumentation & Tobacco Machinery division. On a continuing basis, group sales fell by 3% and underlying operating profit by 26% to £4m, resulting in underlying EPS of 15.1p. We are reducing our Target Price to 110p (19
