Results are in line with market expectations and clearly demonstrate the benefits of wide ranging strategic and operational initiatives. It has also reported a good start to FY26, with sales up c14% and margin still expanding. Confidence in the growth trajectory is therefore increasing and, with a medium-term plan to deliver £100m sales at a 10% EBIT margin, there remains a substantial opportunity for future value creation (a 3x return). We re-iterate Buy.
