The half-year results were satisfactory, with margins up against a backdrop of mixed end-user markets. The group also made a small acquisition of German tooth chain maker Aventics. Expectations are now towards the lower end of its previous forecast range, and this leads to a modest 5.9% reduction in our EPS forecast. The shares have severely dropped on poor Industrials sector sentiment. Our Buy rating is based on management driving margin recovery rather than cyclical growth. Having been over
