The underlying 1H19 EBITDA loss of $2.2m was as expected, and the focus now turns to an anticipated recovery in 2H19, where MCE expects revenue to more than double on the back of recent order inflow. While there are opportunities in other markets, we believe a pick-up in activity and demand for traditional oil & gas products is needed to underpin a sustained near term earnings and cash flow recovery. There are encouraging signs this may be happening, and with the significant capacity and leverage in the business, our maintained SPEC BUY call is warranted.
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