Aurelio Calderon

Aurelio Calderon Tejedor from Morgan Stanley questioned if long-term views on Biopharma and Semicon have changed, whether the company is integrating more into a "one group" structure, and the drivers behind the implied H2 margin recovery in the organic ETS business.

Answer

Group Chief Executive Nicholas Anderson affirmed that long-term growth expectations for key markets remain unchanged, viewing current issues as temporary. He confirmed the move towards a more integrated group to leverage cross-business synergies while maintaining specialist focus. CFO Nimesh Patel added that the H2 ETS margin recovery is driven by seasonality and operational improvements, but the guidance range reflects uncertainty on the timing of the Biopharma and Semicon recovery.

Aurelio Calderon from Morgan Stanley inquired about the long-term growth and margin expectations for the Biopharma and Semicon industries, whether the company is moving toward a more integrated "one Group" operational model, and the drivers for the anticipated margin recovery in the organic ETS business in H2.

Answer

Group Chief Executive Nicholas Anderson affirmed that the long-term growth outlook for Watson-Marlow remains robust, viewing the current situation as a temporary blip. He confirmed a strategic move towards a more integrated group to leverage cross-business synergies while maintaining specialist focus. Both he and CFO Nimesh Patel attributed the H2 ETS margin recovery to seasonality, debottlenecking efforts, and the timing of recovery in the Semicon and Biopharm sectors.