As indicated in November, the FY18 out-turn was always dependent on a handful of new orders being awarded in H2. Unfortunately news came this morning that these have now been deferred (but importantly not lost) by the associated customers (2 at Technical Plastics and 3 at Wipac), along with the non-ramp up of volumes at a major non-medical TP client. As a result, FY18 PBT will be “significantly” below previous expectations. Additionally, given these programs would have contributed towards next year’s numbers, the company has also prudently reduced FY19 guidance - albeit still representing “healthy YoY growth”.