Hi Norm,
congrats for passing the MOT!
The MOT lambda value is a calculated value, obtained from the ratios of the gases measured by the MOT station's analyser - it has very little real correlation with what the car's lambda sensor is reading.
Accepted range is 0.97 - 1.03 (or within the manufacturer's recommendation).
As the range is quite tight 1.02 is perfectly fine and does not automatically point to future issues.
as ever,
Rob
http://www.reliant-scimitar.weebly.com/