We are upgrading our forecasts after a solid set of interims, with our adj. EPS forecasts increasing by 11% and 3% in FY18 and FY19. This is driven by increases in both our revenue and operating margin forecasts. We have introduced a new FY20 forecast which assumes the achievement of the Group’s medium term target to double PBT by FY20 from £13.2m in FY16. The outlook remains positive, with a healthy order book, a strong pipeline of future projects and further self help initiatives to enhance margins. Trading on an FY’18 P/E multiple of 11.8x and yielding 3.3%, we believe that Severfield is attractively valued vs. peers. Given the Group’s strong net cash position (£31m at H1’17) we also see potential for a special dividend.