Our Review, published in early September, gave grounds for optimism about the autumn IMS. The subsequent improved order intake reinforces that optimism and has encouraged us to lift our estimates again. By contrast, the share price has drifted on the announcement, as it did when we raised our estimate at the time of the interim results announcement. There are still many challenges ahead of management, but they are largely discounted in the current share price.

Unlock the rest of this Article in 15 seconds

or Unlock with your email

Already have an account?
Login here