Torquing points: It is impossible not to discuss the current pandemic and its effects on the industrial technology sectors. It often appears the share price reactions have been indiscriminate. Without doubt Q2 will experience a very severe contraction in the UK and across Europe and the US. It really is a perfect storm: lockdown will affect order flow and also the flow of raw material inputs and distribution of finished goods. Investors must now look for those who will prevail. The pandemic, first in China and now worldwide, has placed a focus on companies’ supply chains. Companies that have demonstrated a diverse and robust supply chain will inevitably be better placed to be flexible and responsive to changing geographic disruption. In an increasingly risk-averse market, businesses with net cash or fluid working capital positions will be more robust. Companies must now focus on cash generation and effective mitigating actions such as salary furloughs and dividend cuts. Indeed, a growing number of companies have already suspended their dividend payment.