UDG’s FY17 prelims are in line / slightly ahead of expectations at the EPS level, capping what has been a busy year as the group deploys its firepower on building a global pharma services business. Underlying divisional performance was as expected, with Ashfield Communications remaining the key growth driver for the group. We make no material changes to our forecasts, having recently upgraded by 7% for the MicroMass deal. Further acquisitions in the new year should drive more upgrades. We stay at Hold on short term valuation considerations, but can see medium term upside.