The team continues to make good progress with the strategy to refocus the portfolio on higher margin solution-led brands and categories. Headwinds, including in the self-tan market, are hindering the pace of progress in the short term but, with £7m net cash and a clear plan for the year ahead, there is a good chance it will be able to make the important inflection back to profitability in year 2. For now, and ahead of the peak trading period, we remain at Hold.