Industrials

• discoverIE is a mid-cap industrial technology focus after strong share-price momentum and recent trading updates, with order growth, acquisitions andMargindelivery shaping expectations.

• The focus is on UK construction demand, brick and masonry volumes, pricing and margins, alongside the impact ofLeadershipchanges and the wider housing and infrastructure backdrop.

• The key focus is project execution and the development of port and logistics infrastructure, with investors watching utilisation, customer onboarding, financing and the timing of further operational milestones.

• Attention is centred on the company’s repositioning of its building-services marketplace and the ability to translate its enlarged operating base into more predictable revenue, cash generation andMarginrecovery.

• Spirax Group is in focus as a large-cap industrial technology name, with investors watching organic growth, margins, costInvestmentandDemandacross thermal and fluid-management applications.

• The story is centred on automotive electrical-connection systems, production ramp-up and the path toward profitability, supported by recent contract and grant developments.

• Volex remains a mid-capManufacturingfocus after strong first-half trading, with data-centre, medical, industrial and connectivityDemanddriving attention.