Core biodecontamination revenues increased by 13%, driving a material improvement on operating margins to 10% and strong EPS growth of 78%. Having upgraded our FY18/19 EPS forecasts by 18% & 16% respectively in January, we make no further changes at this early stage in the year. The shares continue to trade at a material discount to peers and we see further upside scope on growth, forecast upside and potential cash returns.