There are no surprises in today's interim results with strong performance from the Packaging Machinery division offsetting more challenging trading conditions in the Instrumentation and Tobacco Machinery division. Investment in Packaging Machinery is clearly paying dividends with sales up 26% y-o-y in constant currency terms and operating margins improving from 0.5% to 5%. As in previous years, the management expects FY2015 to be H2 weighted. Our FY2015 forecasts remain unchanged.
