Making material strategic progress

H1’26 to date has been characterised by progressive portfolio development actions – one acquisition and one exit – while Norcros has also managed some top line progress against the prior year in Q1. The proposed Fibo acquisition offers geographic diversity and synergy benefits. We have made no estimate changes arising from the trading update or the Fibo acquisition at this stage (pending formal completion), although revenue has nudged down to reflect JTSA as a discontinued operation. Management expectations for FY26 are unchanged despite market conditions remaining 'challenging'. In Q1’26 group revenue was ahead by 0.6% LFL yoy, with sales from the dominant UK & Ireland division up by 1.0%. Results of a previously announced strategic rev...