Results are in line with the update provided in January and confirm a significant improvement in cash generation. The outlook remains robust, with management bringing greater commercial focus to bear on the key Haematology Point-of-Care portfolio and driving growth in Life Sciences. We make no change to our forecasts other than to reflect the additional investment in the commercial team. This shows sustained double-digit profit growth as margins benefit from the increased focus. In this context, the recent sell off looks overdone and the valuation is compelling. We reiterate our Buy recommendation and 37p TP.
