A solid H1 update characterised by strong growth from the key Haematology and BhB ranges, good cash generation and a building pipeline of opportunities. The increased focus on higher margin products and services is paying off and cash generation remains strong. We make no change to our forecasts and look forward to a further update at the Interims in September. The shares remain attractively valued on 8.2x EV/EBITDA, falling to 6.6x, supported by a 5%+ FCF yield and a strong and growing net cash position. We reiterate our Buy recommendation of 37p Target Price.
