20 January 2022 - trading update

A trading update has been provided covering the six months ended 31 December 2021, ahead of interim results on 9 March.  Trading has been in line with expectations and the order book increased to £8.0bn at the year end.  Average month-end net debt was reduced to under £200m.  The shares stand on a low multiple of prospective earnings and look good value. We keep our BUY rating . . .

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