We downgraded to Hold from Buy yesterday, flagging the ongoing risks over oilfield, currency and the Solvay expansion, and the reducing likelihood of forecast upgrades. A solid update today is therefore reassuring, although Invibio is a slight disappointment. Invibio is now expected to show a similar revenue decline in H2 to H1 (-4%) rather than previous guidance of a return to growth. Full year guidance is for "profit progress". We therefore expect to maintain our forecasts (c.1% growth in PBT) ....