A brief trading update issued alongside the AGM on Friday indicated that Q1 was in line with management’s expectations and highlighted further wins across the three divisions. While this is encouraging, the traditionally busy Q2 period will be key to determining a) the impact of recent fluctuations in underlying commodities markets on demand and b) the company’s subsequent ability to deliver on full year expectations. We make no changes to our forecasts or Target Price pending a further update on deal flow.