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In EMEA Services, revenue under contract for FY18 is broadly in line with the prior year, and the division is expected to deliver modest revenue growth this year although the lower baseline profit rate for single source contracts represents a continued headwind for operating margins.

The Group’s Global Products division has shorter order cycles than EMEA Services and its performance is dependent on the timing of shipments of key orders. As a result of its contracted orders and pipeline of opportunities, as well as the anticipated full year contribution from the Target Systems acquisition, the division is expected to continue to grow in FY18.

As previously stated, our cash flow will reflect the increasing strategic investment to develop our capabilities under the amendment to the Long Term Partnering Agreement announced in December 2016. Due to timing of deployment of some of these projects, full year total capex is expected to be £70m-£90m in FY18.

Overall, we are maintaining expectations for Group performance in FY18.

 



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