In its brief AGM update, Brady said that Q1 trading has been in line with expectations. The group has signed five new significant contract wins in the year to date – two in Recycling in Q1 and three Energy deals all announced in April. In March, we noted the group had its largest ever pipeline of new business while it had also been broadening its geographical spread and focusing its sales effort on winning larger contracts. The new Commodities unit (which combined the Physicals and Metals units) has been busy delivering the new business signed in FY13, including with a global trading company that signed late in 2013 and has now gone into production. In our view, the shares continue to look attractive on c 12x our maintained cash-adjusted FY15 EPS if the group can continue the deal-signing momentum.

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