Generally resilient operating performance. Role as leading European engineering and services provider, with a broad and integrated service offering. Broad customer base with long-term relationships. High earnings visibility given multiyear contracts and high renewal rates. Competitive and fragmented markets with relatively low operating margins compared with industry peers', and limited price flexibility. Exposure to the construction industry, which we assess as having above average industry risk. Limited geographic diversity with large exposure to Europe. Low capital intensity and solid capital structure. Track record of strong credit metrics, well in line with our assessment of the group's "modest" financial risk profile. Relatively high dividend payout and acquisitive growth strategy. Somewhat volatile free cash flow generation due to expansionary investments and working
