[Nick Hargrave]

Results released this morning (see link below) following the September trading update. Strong first half despite inflationary pressures, record order books maintained at end September indicating continued H2 progress and the build of inventory and raw materials in Germany showing prudent execution by management. The reduction of the pension deficit by c.£39m from a year ago (due to interest rate increases) highlights that this is just an accounting number that the market is wrongly focused on rather than the agreed cash contribution schedule, but the optical reduction is obviously helpful for computers / analysts plugging numbers into models

https://www.londonstockexchange.com/news-article/RNO/interim-results/15717152

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