FY19: 4% EPS beat: Group revenue grew 6% organic to £617m (ahead of our £582m) aided by a strong recovery in Offshore Oil and further progress in Tankships. Specialist Technical was flat y-o-y while Marine Support had a more challenging year. Adjusted operating profit was £66.3m, up 7% y-o-y and 2% ahead of our £57.4m estimate. The growth was driven by Offshore Oil being £2.6m ahead of our £11.0m estimate on much stronger revenue and recovered margins y-o-y. Adjusted PBT was £58.5m (INVe £57.4m) and adjusted EPS 92.8p, 3.7% ahead of our 89.4p. 25 years of dividend growth: The full year dividend grows 10% y-o-y to 34.7p and marks the 25th year of dividend increases. Net debt: Net debt was £230m, including IFRS 16 adjustments (pre-IFRS 16 £203m) and including the investment in the second DSV asset made during 2H19. Working capital was impacted by the cyber-attack which impacted the ability to invoice customers and collect cash. We understand this accounts for £5-10m of the £21m WC outflow. Cash conversion was still strong at 99%. PBT forecasts unchanged: We adjust our divisional revenue and margins to reflect the FY19 outturn, but with the end result of unchanged adjusted PBT and EPS in all forecast years. We adjust our net debt to reflect the 2nd DSV investment and IFRS 16 changes, and forecast financial leverage to be 1.4x EBITDA by the end of FY20E. Strategy evolution – June CMD: New CEO Eoghan O’Lionaird is finalising his review of the business and will present his views at a Capital Markets Day in mid-June 2020. Upside risk to forecasts: We see multiple opportunities including: further renewables work, the second DSV contract, further projects wins in Mozambique, and leveraging the multiple digitalisation initiatives.