Customer Concentration RiskA single customer in the Environmental & Analysis division accounts for 14% of group revenue, suggesting materially more concentration risk in this portfolio business.
M&A ActivityThe M&A activity has been low relative to previous years, with just £158m directed to 7 acquisitions.
Photonics GrowthWith guidance that revenue / profits from Photonics is likely to flat line in 2H25F, some de-rating of the shares is expected.