Fisher has reported an encouraging set of interims this morning, in line with our expectations. Revenue is +13%, PBT +6% and the interim dividend +10%. The outlook statement suggests the Group is well on track for the full year. Notably, the offshore oil business is seeing some improvement (“clear signs of recovery in orders for the Norwegian and downhole equipment businesses”). Stronger growth is anticipated in H2, which is consistent with our forecasts (9% PBT growth forecast for full year versus 6% reported for H1). We continue to feel that large project opportunities within defence and renewables remain and any newsflow in those areas would be likely to restart the share price progression. We remain supportive of the investment case, but remain at Hold for now with an unchanged target price of 1605p.
