Half year results are in line with expectations, and we leave FY26 forecasts unchanged (SCM sales +1% to £116.2m and adj. EBIT +6% to £24.6m), supported by positive order intake trends. After a c.40% de-rating in the last 12 months, the shares trade on a PER of 14.1x FY26e or 11.4x on a cash adjusted basis which in our view looks undemanding for a business of this quality. We continue to see material medium-term upside potential, with recovery in organic growth and M&A activity the key catalysts. Buy reiterated.