H1 performance is reported to be in line, with double digit underlying growth in revenues and capacity expansion in Life Sciences on track for a Q4-23 launch. As previously flagged, results this year are expected to be more H2-weghted than usual, with the FY23 results dependent on the timing and value of new contract wins and continued growth and margin improvement elsewhere. We make no change to our forecasts at this stage, but will review more fully at the interims in late September. Irrespective of the FY23 outturn, the set up for FY24 remains on track, when the group should benefit from the first full year of growth and margin improvement initiatives and on that basis, the shares continue to look highly attractive, trading on 7x FY24 EV/EBITDA and a 6% FCF yield.
