Interim results were satisfactory against a rather lacklustre economic backdrop, with the group expected to be on track to achieve our full-year forecasts. There has been a decent increase in margins spurred on by on-going efficiency and cost control. Some note of caution is made in the outlook statement relating to the UK and Malaysian operations, offset by gains elsewhere. Kuhlmann will provide some impetus to H2 and the group continues to look for strategic acquisitions which could provide
