Keystone’s interim results, out last week, saw H1 revenues of £23.0m (up 15.3%), with Adj PBT of £2.7m (up 15.3%). Cash conversion remained strong at 90.3%, with net/gross cash (no debt) increasing to £6.4m. An interim dividend of 3.2p, and an 8p special dividend was declared. We nudge up FY20E revenues by c.1%, to £49.0m with a c.1.5% increase at Adj PBT level to £5.7m, albeit leave FY21E forecasts unchanged. At 35.2x FY20E (31.3x FY21E), we maintain our P
