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Blue Cap continues to deliver with c 10% organic sales growth in H118 and confirmation that the recent, potentially transformative investment (Knauer) is well in hand. The shortfall in profit (EBIT down by 25%) was, as expected, rather a matter of timing as the impact of the disposal of a significant contributor to H117 (Biolink) was compounded by the initial inclusion of underperforming Knauer. Consensus forecasts for this year and next are therefore maintained, given renewed evidence of progress across the board, notably at key turnaround situations, Neschen and Knauer. Substantial increasing benefit is expected after joining forces with new major shareholder PartnerFonds (44%) as long as conducted by Blue Cap management. Internal disputes between PartnerFonds management and their shareholders should have no impact on independent Blue Cap.

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