High quality, innovative company that designs and manufactures cooling systems for high performance vehicles.

PWH supplies ~90% of Formula One racing teams with Motorsports being the core business segment – which generated 61% of total sales.

The strategy to diversify its revenue base towards emerging technologies should assist in driving double digit earnings growth over the next few years.

Balance sheet remains robust with cash of $7m at 1H19 and borrowings at $3m.

Cash conversion at 78%, and accruals remain manageable, thereby reflecting strong earnings quality.

The continued investment in automation has driven efficiencies, profitability and higher margins across the business.